Manhattan Midtown Office Figures May 2026

· Leasing activity totaled 1.41 million sq. ft. in April, 7% ahead of the five-year monthly average of 1.32 million sq. ft.

· Year-to-date leasing activity amounted to 5.61 million sq. ft., down 14% from the prior year.

· Renewals totaled 91,000 sq. ft. in April, bringing the year-to-date total to 2.88 million sq. ft.

· The availability rate was essentially unchanged from last month at 12.8% but was down 280 basis points (bps) year-over-year.

· Net absorption was positive 1,000 sq. ft. in April, bringing the year-to-date total to positive 1.61 million sq. ft.

· At $84.77 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 2.2%, with the average asking rent up 6% from one year ago to $64.71 per sq. ft.