Manhattan Downtown Office Figures November 2026

‒ Leasing activity totaled 288,000 sq. ft. in October, 5% ahead of the five-year monthly average of 274,000 sq. ft.
‒ Year-to-date leasing activity amounted to 2.95 million sq. ft. and was down 20% from the prior year.
‒ Renewals totaled 29,000 sq. ft. in October, bringing the year-to-date total to 1.02 million sq. ft.
‒ The availability rate was down 20 basis points (bps) from last month to 15.7% and was down 380 bps year-over-year.
‒ Net absorption was positive 167,000 sq. ft. in October, bringing the year-to-date total to positive 2.85 million sq. ft.
‒ At $62.68 per sq. ft., the average asking rent was essentially flat month-over-month but up 7% year-over-year.
‒ The sublease availability rate was down 10 bps from last month to 3.2%, with the average asking rent up 10% from one year ago to $48.12 per sq. ft.