Manhattan Downtown Office Figures March 2025

·     Leasing activity totaled 864,000 sq. ft. in February, 287% ahead of the five-year monthly average of 223,000 sq. ft.

·     Year-to-date leasing activity amounted to 1.18 million sq. ft., up 174% from the prior year.

·     Renewals totaled 369,000 sq. ft. in February, bringing the year-to-date total to 446,000 sq. ft.

·     The availability rate was up 10 bps from last month at 21.5% but was down 160 bps from a year ago.

·     Net absorption was negative 140,000 sq. ft. in February, bringing the year-to-date total to negative 236,000 sq. ft.

·     At $56.47 per sq. ft., the average asking rent was essentially flat month-over-month and year-over-year.

·     The sublease availability rate was up 10 bps from last month to 6.0%, with the average asking rent down 2% from one year ago to $45.84 per sq. ft.