Manhattan Downtown Office Figures November 2022

‒ Monthly leasing activity totaled 381,000 sq. ft., 8% ahead of the five-year monthly average of 352,000 sq. ft.

‒ Year-to-date leasing activity totaled 2.72 million sq. ft., up 20% from the same period last year.

‒ Renewals totaled 2,000 sq. ft. in October, bringing the year-to-date total to 379,000 sq. ft.

‒ The availability rate decreased 10 basis points (bps) from last month to 22.4% but was up 130 bps from a year ago.

‒ Net absorption was positive 56,000 sq. ft. in October, bringing the year-to-date total to negative 21,000 sq. ft.

‒ At $57.61 per sq. ft., the average asking rent was virtually unchanged both month-over-month and year-over-year.

‒ Sublease availability was flat month-over-month at 6.7%, with the average asking rent down 5% from one year ago to $46.99 per sq. ft.