Figures

Manhattan Midtown Office Figures Q4 2023

January 9, 2024 10 Minute Read

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Leasing activity totaled 4.27 million sq. ft. in Q4, 29% ahead of the five-year quarterly average of 3.30 million sq. ft.
Year-end leasing activity totaled 12.19 million sq. ft., down 18% from the prior year.
Renewals totaled 1.56 million sq. ft. in Q4, bringing the year-end total to 4.42 million sq. ft.
The availability rate was down 10 basis points (bps) from the prior quarter at 18.0% and was down 30 bps from a year ago.
Net absorption was positive 180,000 sq. ft. in Q4, bringing the year-end total to positive 509,000 sq. ft.
At $82.89 per sq. ft., the average asking rent was flat both quarter-over-quarter and year-over-year.
The sublease availability rate was flat from the prior quarter at 4.3%, with the average asking rent down 2% from one year ago to $61.55 per sq. ft.