Manhattan Downtown Office Figures Q4 2022

‒ Leasing activity totaled 784,000 sq. ft. during Q4, down 8% from Q3 2022 and 25% behind the five-year quarterly average of 1.05 million sq. ft.

‒ Annual leasing activity totaled 3.13 million sq. ft. up 12% year-over-year.

‒ Renewals amounted to 90,000 sq. ft. in Q4, bringing the year-to-date figure to 466,000 sq. ft.

‒ Quarterly absorption was positive 566,000 sq. ft. during Q4, bringing the year-to-date total to positive 489,000 sq. ft.

‒ The availability rate decreased to 21.9%, down 60 basis points (bps) both quarter-over-quarter and year-over-year.

‒ The sublease availability rate decreased to 6.4%, down 30 bps quarter-over-quarter, with sublet space accounting for 29.3% of total available space at the end of 2022.

‒ Average asking rents were up 1% from the prior quarter to $58.31 per sq. ft. though down 2% year-over-year.