Manhattan Midtown Office Figures March 2025

·       Leasing activity totaled 1.32 million sq. ft. in February, 21% ahead of the five-year monthly average of 1.09 million sq. ft.

·       Year-to-date leasing activity amounted to 3.07 million sq. ft., up 24% from the prior year.

·       Renewals totaled 246,000 sq. ft. in February, bringing the year-to-date total to 489,000 sq. ft.

·       The availability rate was down 20 bps from last month to 16.1% and down 220 bps from a year ago.

·       Net absorption was positive 428,000 sq. ft. in February, bringing the year-to-date total to positive 1.13 million sq. ft.

·       At $83.35 per sq. ft., the average asking rent was essentially flat month-over-month and year-over-year.

·       The sublease availability rate was down 20 bps from last month at 3.3%, with the average asking rent up 2% from one year ago to $62.40 per sq. ft.