Manhattan Downtown Office Figures Q4 2023

January 9, 2024 10 Minute Read

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Leasing activity totaled 589,000 sq. ft. in Q4, 36% behind the five-year quarterly average of 915,000 sq. ft.
Year-end leasing activity totaled 2.84 million sq. ft., down 9% from the prior year.
Renewals totaled 626,000 sq. ft. in Q4, bringing the year-end total to 1.61 million sq. ft.
The availability rate was 23.0%—up 20 basis points (bps) from the prior quarter and up 110 bps from a year ago.
Net absorption was negative 207,000 sq. ft. in Q4, bringing the year-end total to negative 516,000 sq. ft.
At $57.21 per sq. ft., the average asking rent was flat quarter-over-quarter but down 2% year-over-year.
The sublease availability rate was down 10 bps from the prior quarter to 6.8%, with the average asking rent down 2% annually to $47.50 per sq. ft.