Manhattan Midtown Office Figures Q1 2026

·  Leasing activity totaled 4.20 million sq. ft. in Q1, 7% ahead of the five-year quarterly average of 3.92 million sq. ft.

· Year-to-date leasing activity was down 14% from the prior year.

· Renewals totaled 2.79 million sq. ft. in Q1, up 150% from the same time last year.

· The availability rate was down 60 basis points (bps) from the prior quarter at 12.8% and was down 310 bps from a year ago.

· Net absorption was positive 1.61 million sq. ft. in Q1.

· At $84.79 per sq. ft., the average asking rent was flat quarter-over-quarter but was up 2% year-over-year.

· The sublease availability rate was down 10 bps from the prior quarter to 2.2%, with the average asking rent up 4% from one year ago at $64.02 per sq. ft.