The Manhattan office-leasing surge that\u2019s mostly been concentrated in Midtown is finally helping to lift the boat downtown. Vacancy fell a full percentage point to 23% while asking rents increased 3.1% to $59.56 per square foot. The largest deal downtown was for 55 Water St. Google<\/span> Of course, what downtown really wants is news of Larry Silverstein\u2019s talks with AmEx over a possible agreement to finally get 2 World Trade Center off the ground. Everyone with even the least awareness clams up nervously when asked about it. But after two previous non-binding agreements at the site fell through, don\u2019t expect to hear anything credible until a contract is signed with no escape clause.<\/p>\n The uptick in leases in Downtown NYC is a positive sign for the area, indicating a potential shift in the market. With vacancy rates decreasing and rents increasing, it’s essential for businesses to act quickly to secure space. As the market continues to evolve, it will be interesting to see how Downtown NYC compares to other areas in the city.<\/p>\n The current vacancy rate in Downtown NYC is 23%, which is a decrease from the previous year.<\/p>\n The average rent per square foot in Downtown NYC is $59.56, which is a 3.1% increase from the previous year.<\/p>\n The largest deal in Downtown NYC was a direct lease for financial firm GFI Group for 112,783 square feet at\u00a055 Water St.<\/p>\n","protected":false},"excerpt":{"rendered":" Downtown NYC Sees Uptick in Leases Introduction to the Trend The Manhattan office-leasing surge that\u2019s mostly been concentrated in Midtown is finally helping to lift the boat downtown. JLL reports that leasing volume and\u00a0rents across the district\u2019s 95.6 million square feet increased noticeably\u00a0in the third quarter over the same period last year. JLL reports that […]<\/p>\n","protected":false},"author":6,"featured_media":26555,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-26553","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-real-estate"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/nypost.com\/wp-content%2Fuploads%2Fsites%2F2%2F2025%2F12%2F117234474-1.jpg?quality%3D90%26strip%3Dall&w=1920&resize=1920,1279&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/26553"}],"collection":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/comments?post=26553"}],"version-history":[{"count":1,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/26553\/revisions"}],"predecessor-version":[{"id":26556,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/posts\/26553\/revisions\/26556"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/media\/26555"}],"wp:attachment":[{"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/media?parent=26553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/categories?post=26553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citystuff.com\/new-york\/wp-json\/wp\/v2\/tags?post=26553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nJLL reports that leasing volume and\u00a0rents across the district\u2019s 95.6 million square feet increased noticeably\u00a0in the third quarter over the same period last year.
\nJLL reports that downtown leasing volume and\u00a0rents increased noticeably\u00a0in the third quarter from the same period last year. Getty Images<\/span><\/p>\nMarket Performance<\/h2>\n
\nMichael Colacino, JLL\u2019s president of tristate brokerage, said, \u201cThe big story this month is Downtown\u2019s comeback, with activity nearly double last year\u2019s. All of this points to a market where acting early will matter, as rents rise and the best spaces get snapped up quickly.\u201d<\/p>\nNotable Deals<\/h2>\n
\nThe largest deal was a direct lease for financial firm GFI Group for 112,783 square feet at\u00a055 Water St.\u00a0\u2014 more than doubling its previous space in the tower.<\/p>\nConclusion<\/h2>\n
FAQs<\/h2>\n
What is the current vacancy rate in Downtown NYC?<\/h3>\n
What is the average rent per square foot in Downtown NYC?<\/h3>\n
What was the largest deal in Downtown NYC?<\/h3>\n