The Q3 ‘24 average prime availability rate was 14.7%, the lowest on record. This is well below the average prime availability rate of 21% in 2019 and peak availabilities in 2021 at 28%.
Average prime submarkets availability rates have slowly decreased since Q2 ‘23.
All but two submarkets decreased availability rates quarter-over-quarter, with slight increases on Madison Ave and Williamsburg.
Lower Fifth Ave. also saw a dramatic decrease from 21.0% in Q2 ‘23 and 14.5% in Q1 ‘24 to 11.3% in Q2 and Q3 ’24. This is a new record low rate.
