Brooklyn Office Figures Q1 2026

Leasing activity softens amid market stabilization

• Leasing activity totaled 188,000 sq. ft. in Q1 2026, down 39% from the prior quarter and down 21% from the five-year quarterly average.
• The availability rate was 19.1%, down 100 basis points (bps) from the previous quarter and down 170 bps year-over-year.
• Absorption totaled positive 921,000 sq. ft. in Q1 2026.
• The average asking rent was $49.28 per sq. ft., down 5% from the prior quarter and down 9% year-over-year.
• The sublease availability rate was up 20 bps from the prior quarter to 1.8% and represented 9% of all available space.