Figures

Manhattan Downtown Office Figures September 2026

September 3, 2026 10 Minute Read

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  • Leasing activity totaled 115,000 sq. ft. in August, 58% below the five-year monthly average of 277,000 sq. ft.
  • Year-to-date leasing activity amounted to 2.47 million sq. ft., down 11% from the prior year.
  • Renewals totaled 96,000 sq. ft. in August, bringing the year-to-date total to 774,000 sq. ft.
  • The availability rate was down 20 basis points (bps) from last month at 16.1% and down 410 bps year-over-year.
  • Net absorption was positive 169,000 sq. ft. in August, bringing the year-to-date total to positive 2.53 million sq. ft.
  • At $62.01 per sq. ft., the average asking rent was essentially flat month-over-month and up 7% year-over-year.
  • The sublease availability rate was up 10 bps from last month to 3.4%, and the average asking rent was up 5% from one year ago to $47.59 per sq. ft.