Manhattan Midtown Office Figures November 2026

‒ Leasing activity totaled 2.22 million sq. ft. in October, 60% ahead of the five-year monthly average of 1.38 million sq. ft.
‒ Year-to-date leasing activity amounted to 15.31 million sq. ft. and was down 4% from the prior year.
‒ Renewals totaled 226,000 sq. ft. in October, bringing the year-to-date total to 5.99 million sq. ft.
‒ The availability rate was up 40 basis points (bps) from last month to 12.5% but was down 170 bps year-over-year.
‒ Net absorption was negative 951,000 sq. ft. in October, bringing the year-to-date total to positive 2.40 million sq. ft.
‒ At $86.49 per sq. ft., the average asking rent was up 1% month-over-month and 4% year-over-year.
‒ The sublease availability rate was down 10 bps from last month to 2.1%, with the average asking rent up 1% from one year ago to $62.10 per sq. ft.