Manhattan Downtown Office Figures March 2026

· Leasing activity totaled 364,000 sq. ft. in February, 36% above the five-year monthly average of 267,000 sq. ft.

· Year-to-date leasing activity amounted to 608,000 sq. ft., down 48% from the prior year.

· Renewals totaled 29,000 sq. ft. in February, bringing the year-to-date total to 47,000 sq. ft.

· The availability rate was up 20 bps from last month to 19.4% but was down 210 bps year-over-year.

· Net absorption was negative 149,000 sq. ft. in February, bringing the year-to-date total to negative 125,000 sq. ft.

· At $59.26 per sq. ft., the average asking rent was essentially flat month-over-month but up 5% year-over-year.

· The sublease availability rate was up 10 bps from last month to 4.5%, with the average asking rent down 1% from one year ago to $45.24 per sq. ft.