Manhattan Downtown Office Figures May 2026

· Leasing activity totaled 571,000 sq. ft. in April, 106% ahead of the five-year monthly average of 277,000 sq. ft.

· Year-to-date leasing activity amounted to 1.48 million sq. ft and was down 5% from the prior year.

· Renewals totaled 189,000 sq. ft. in April, bringing the year-to-date total to 344,000 sq. ft.

· The availability rate was down 210 basis points (bps) from last month at 17.2% and down 310 bps year-over-year.

· Net absorption was positive at 1.69 million sq. ft. in April, bringing the year-to-date total to positive 1.64 million sq. ft.

·  At $59.62 per sq. ft., the average asking rent was essentially flat month-over-month but up 4% year-over-year.

· The sublease availability rate was down 80 bps from last month to 3.7%, with the average asking down 1% from one year ago at $46.27 per sq. ft.