Figures

Manhattan Midtown Office Figures June 2026

June 3, 2026 10 Minute Read

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  • Leasing activity totaled 1.97 million sq. ft. in May, 47% ahead of the five-year monthly average of 1.34 million sq. ft.
  • Year-to-date leasing activity amounted to 7.58 million sq. ft., down 1% from the prior year.
  • Renewals totaled 822,000 sq. ft. in May, bringing the year-to-date total to 3.70 million sq. ft.
  • The availability rate was unchanged from last month at 12.8% but was down 250 basis points (bps) year-over-year.
  • Net absorption was negative 30,000 sq. ft. in May, bringing the year-to-date total to positive 1.58 million sq. ft.
  • At $86.55 per sq. ft., the average asking rent was up 2% month-over-month and up 6% year-over-year.
  • The sublease availability rate increased 10 bps compared to last month to 2.3%, with the average asking rent up 6% from one year ago to $64.32 per sq. ft.