Manhattan Midtown Office Figures December 2022

‒Monthly leasing activity totaled 607,000 sq. ft., 51% behind the five-year monthly average of 1.24 million sq. ft. 

‒Year-to-date leasing activity totaled 13.63 million sq. ft., up 29% from the same time last year.

‒Renewal activity totaled 56,000 sq. ft. in November, bringing the year-to-date total to 2.47 million sq. ft.

‒The availability rate rose 40 basis points from last month to 18.4% and was up 10 bps from a year ago.

‒Net absorption was negative 1.10 million sq. ft. in November, bringing the year-to-date total to negative 2.04 million sq. ft.

‒At $83.85 per sq. ft., the average asking rent was essentially flat both month-over-month and year-over-year.

‒The sublease availability rate was up 20 bps from one month ago to 4.5%, with the average asking rent up 7% from one year ago to $64.03 per sq. ft.