Manhattan Midtown Office Figures Q4 2022

‒ Leasing activity totaled 2.57 million sq. ft. in Q4, 30% behind the five-year quarterly average of 3.70 million sq. ft. 

‒ Year-to-date leasing activity totaled 14.81 million sq. ft., up 15% from the same time last year.

‒ Renewal activity totaled 1.87 million sq. ft. in Q4, bringing the year-to-date total to 4.15 million sq. ft.

‒ The availability rate rose 90 bps from the previous quarter to 18.3% and was up 70 bps from a year ago.

‒ Net absorption was negative 2.08 million sq. ft. in Q4, bringing the year-end total to negative 1.68 million sq. ft.

‒ At $83.31 per sq. ft., the average asking rent was essentially flat both quarter-over-quarter and year-over-year.

‒ The sublease availability rate rose 30 bps from the prior quarter to 4.5%, with the average asking rent up 6% from one year ago to $62.96 per sq. ft.