Manhattan Midtown Office Figures June 2025

·     Leasing activity totaled 1.09 million sq. ft. in April, 4% below the five-year monthly average of 1.13 million sq. ft.

·     Year-to-date leasing activity amounted to 7.64 million sq. ft., up 18% from the prior year.

·     Renewals totaled 182,000 sq. ft. in May, bringing the year-to-date total to 1.56 million sq. ft.

·     The availability rate was down 30 basis points (bps) from last month to 15.3% and down 300 bps from a year ago.

·     Net absorption was positive 696,000 sq. ft. in May, bringing the year-to-date total to positive 3.04 million sq. ft.

·     At $81.62 per sq. ft., the average asking rent was down 2% both month-over-month and year-over-year.

·     The sublease availability rate was unchanged from last month at 3.3%, with the average asking rent down 2% from one year ago to $60.74 per sq. ft.