Figures

Manhattan Downtown Office Figures Q3 2026

October 7, 2026 10 Minute Read

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  • Leasing activity totaled 615,000 sq. ft. in Q3, 26% behind the five-year quarterly average of 830,000 sq. ft.
  • Year-to-date leasing activity totaled 2.66 million sq. ft. and was down 16% from the prior year.
  • Renewals totaled 335,000 sq. ft. in Q3, bringing the year-to-date total to 991,000 sq. ft.
  • The availability rate was down 70 basis points (bps) from last quarter to 15.9% and was down 390 bps from a year ago.
  • Net absorption was positive 576,000 sq. ft. in Q3, bringing the year-to-date total to positive 2.68 million sq. ft.
  • At $62.40 per sq. ft., the average asking rent was up 2% quarter-over-quarter and 8% year-over-year.
  • The sublease availability rate was down 20 bps from last quarter to 3.3%, with the average asking rent up 7% from one year ago to $48.68 per sq. ft.