Manhattan Downtown Office Figures Q4 2025

· Leasing activity totaled 1.57 million sq. ft. in Q4, 99% ahead of the five-year quarterly average of 787,000 sq. ft.

· Year-end leasing activity amounted to 4.75 million sq. ft., up 112% from the prior year.

· Renewals totaled 492,000 sq. ft. in Q4, bring the year-end total to 1.62 million sq. ft.

· The availability rate fell 100 basis points (bps) from the last quarter to 18.8% and was down 180 bps from a year ago.

· Net absorption was positive 821,000 sq. ft. in Q4, bringing the year-end total to positive 2.02 million sq. ft.

· At $58.40 per sq. ft., the average asking rent was flat quarter-over-quarter but up 2% year-over-year.

· The sublease availability rate was down 10 bps from the last quarter to 4.3%, with the average asking rent down 1% from one year ago at $45.26 per sq. ft.