{"id":17576,"date":"2021-02-04T13:47:52","date_gmt":"2021-02-04T13:47:52","guid":{"rendered":"http:\/\/leeassociatesnyc.com\/?post_type=post&amp;p=17576"},"modified":"2021-02-04T13:47:52","modified_gmt":"2021-02-04T13:47:52","slug":"3q-2020-nyc-office-market-report-2-2","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/new-york\/2021\/02\/04\/3q-2020-nyc-office-market-report-2-2\/","title":{"rendered":"Q3 2020 NYC Office Market Report"},"content":{"rendered":"<div class=\"page\" title=\"Page 4\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<div class=\"column\">\n<p class=\"p2\"><span class=\"s1\"><span class=\"Apple-converted-space\">\u00a0<\/span><\/span>Tenants continue to shed office space at the highest rate in 15 years. Overall availability in Manhattan rose in Q3 2020 to 14% of total supply, rising 220 basis points since Q2 of this year and 270 basis points year-over-year. The sharp increase in availability is matched with a decline in the average overall rent, furthering the decline from $80.98\/SF in Q2 to $78.75\/SF in Q3, and down from $79.66\/SF in Q3 2019. Midtown South saw the greatest decline in average rent, decreasing $2.26\/SF quarter-over-quarter. During the last two recessions, pricing took an average of two years to reach their lows following periods of market shock, so it is yet to be seen how much lower average rents will fall. Beyond pricing, concessions are on the rise-with some landlords offering short-term, fully furnished, wired, pre-built space &#8211; with free rent; so net effective rents are actually at historic lows.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<\/div>\n<p><a href=\"https:\/\/leeassociatesnyc.com\/wp-content\/uploads\/2021\/02\/Q32020-Office-Market-Report.pdf\">Q32020 Office Market Report<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0Tenants continue to shed office space at the highest rate in 15 years. Overall availability in Manhattan rose in Q3 2020 to 14% of total supply, rising 220 basis points since Q2 of this year and 270 basis points year-over-year. The sharp increase in availability is matched with a decline in the average overall rent, furthering the decline from $80.98\/SF in Q2 to $78.75\/SF in Q3, and down from $79.66\/SF in Q3 2019. Midtown South&#8230;<\/p>\n","protected":false},"author":203,"featured_media":3225,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,26],"tags":[],"class_list":["post-17576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights","category-reports-metrics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q3 2020 NYC Office Market Report - Lee &amp; Associates New York City<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/new-york\/2021\/02\/04\/3q-2020-nyc-office-market-report-2-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q3 2020 NYC Office Market Report\" \/>\n<meta property=\"og:description\" content=\"\u00a0Tenants continue to shed office space at the highest rate in 15 years. Overall availability in Manhattan rose in Q3 2020 to 14% of total supply, rising 220 basis points since Q2 of this year and 270 basis points year-over-year. The sharp increase in availability is matched with a decline in the average overall rent, furthering the decline from $80.98\/SF in Q2 to $78.75\/SF in Q3, and down from $79.66\/SF in Q3 2019. Midtown South...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/new-york\/2021\/02\/04\/3q-2020-nyc-office-market-report-2-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; Associates New York City\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-04T13:47:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/new-york\/wp-content\/uploads\/sites\/42\/2018\/10\/Screen-Shot-2018-10-30-at-9.27.45-AM-768x781.png\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"781\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Kas Xhakli\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kas Xhakli\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2021\\\/02\\\/04\\\/3q-2020-nyc-office-market-report-2-2\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2021\\\/02\\\/04\\\/3q-2020-nyc-office-market-report-2-2\\\/\"},\"author\":{\"name\":\"Kas Xhakli\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/#\\\/schema\\\/person\\\/41703dec08a71207097a3de765c4b952\"},\"headline\":\"Q3 2020 NYC Office Market Report\",\"datePublished\":\"2021-02-04T13:47:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2021\\\/02\\\/04\\\/3q-2020-nyc-office-market-report-2-2\\\/\"},\"wordCount\":152,\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/2021\\\/02\\\/04\\\/3q-2020-nyc-office-market-report-2-2\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/new-york\\\/wp-content\\\/uploads\\\/sites\\\/42\\\/2018\\\/10\\\/Screen-Shot-2018-10-30-at-9.27.45-AM.png\",\"articleSection\":[\"Insights\",\"Reports &amp; 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