Manhattan Downtown Office Figures Q1 2026

· Leasing activity totaled 908,000 sq. ft. in Q1, 12% ahead of the five-year quarterly average.

· Year-to-date leasing activity was down 36% from the prior year.

· Renewals totaled 155,000 sq. ft. in Q1, down 70% from the same time last year.

· The availability rate was up 50 basis points (bps) from the prior quarter at 19.3% and was down 130 bps from a year ago.

· Net absorption was negative 53,000 sq. ft. in Q1.

· At $59.08 per sq. ft., the average asking rent was up 1% quarter-over- quarter but was up 3.5% year-over-year.

· The sublease availability rate was up 20 bps from the prior quarter to 4.5%, with the average asking rent down 2% from one year ago at $45.36 per sq. ft.