Figures

Manhattan Downtown Office Figures Q2 2026

July 8, 2026 10 Minute Read

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  • Leasing activity totaled 1.14 million sq. ft. in Q2, 36% ahead of the five-year quarterly average of 838,000 sq. ft.
  • Year-to-date leasing activity was down 7% from the prior year, at 2.05 million sq. ft.
  • Renewals totaled 500,000 sq. ft. in Q2, bringing the year-to-date total to 656,000 sq. ft.
  • The availability rate was down 270 basis points (bps) from last quarter to 16.6% and 390 bps from a year ago.
  • Net absorption was positive at 2.16 million sq. ft. in Q2, bringing the year-to-date total to 2.11 million sq. ft.
  • At $61.34 per sq. ft., the average asking rent was up 4% quarter-over-quarter and 7% year-over-year.
  • The sublease availability rate was down 100 bps from last quarter to 3.5%, with the sublease average asking rent up 4% from one year ago at $47.13 per sq. ft.