Manhattan Midtown Office Figures March 2026

· Leasing activity totaled 1.16 million sq. ft. in February, 11% below the five-year monthly average of 1.30 million sq. ft.

· Year-to-date leasing activity amounted to 2.64 million sq. ft., down 14% from the prior year.

· Renewals totaled 253,000 sq. ft. in February, bringing the year-to-date total to 302,000 sq. ft.

· The availability rate was essentially unchanged from last month at 13.3% but was down 280 bps year-over-year.

· Net absorption was positive 112,000 sq. ft. in February, bringing the year-to-date total to positive 557,000 sq. ft.

· At $85.11 per sq. ft., the average asking rent was essentially flat month-over-month but up 2% year-over-year.

· The sublease availability rate was flat compared to last month at 2.3%, with the average asking rent up 4% from one year ago to $64.61 per sq. ft.