Manhattan Downtown Office Figures December 2022

‒Monthly leasing activity totaled 241,000 sq. ft., 31% behind the five-year monthly average of 351,000 sq. ft.

‒Year-to-date leasing activity totaled 2.96 million sq. ft., up 13% from the same period last year.

‒Renewals totaled 10,000 sq. ft. in November, bringing the year-to-date total to 389,000 sq. ft.

‒The availability rate increased 40 bps from last month to 22.8% but was up 180 bps from a year ago.

‒Net absorption was negative 297,000 sq. ft. in November, bringing the year-to-date total to negative 318,000 sq. ft.

‒At $57.28 per sq. ft., the average asking rent was virtually unchanged month-over-month but down 1% year-over-year.

‒Sublease availability was up 20 bps month-over-month to 6.9%, with the average asking rent down 6% from one year ago to $47.01 per sq. ft.