Manhattan Downtown Office Figures Q3 2022

‒Leasing activity totaled 851,000 sq. ft. during Q3, up 41% from Q2 2022 but 20% behind the five-year quarterly average.

‒Year-to-date leasing activity totaled 2.34 million sq. ft. during Q3, up 29% from the same period last year.

‒Renewals amounted to 141,000 sq. ft. in Q3, bringing the year-to-date figure to 376,000 sq. ft.

‒Quarterly absorption was positive 96,000 sq. ft. during Q3, bringing the year-to-date total to negative 77,000 sq. ft.

‒The availability rate decreased to 22.5%, down 10 basis points (bps) from the previous quarter but up 160 bps from the prior year.

‒The sublease availability rate remained the same quarter-over-quarter at 6.7%, with sublet space accounting for 29.9% of total available space at the end of Q3 2022.

‒Average asking rents were down 1% from the prior quarter to $57.69 per sq. ft. and virtually unchanged from one year ago.