Manhattan Midtown Office Figures Q4 2025

· Leasing activity totaled 5.19 million sq. ft. in Q4, 36% ahead of the five-year quarterly average of 3.81 million sq. ft.

· Year-end leasing activity totaled 19.47 million sq. ft., up 16% from the prior year.

· Renewals totaled 1.86 million sq. ft. in Q4, bringing the year-end total to 5.34 million sq. ft.

· The availability rate was down 110 basis points (bps) from last quarter to 13.4% and was down 300 bps from a year ago.

· Net absorption was positive 2.82 million sq. ft. in Q4, bringing the year-end total to positive 7.88 million sq. ft.

· At $84.24 per sq. ft., the average asking rent was up 1% quarter-over-quarter and 3% year-over-year.

· The sublease availability rate was down 50 bps from last quarter to 2.3%, with the average asking rent down 2% from one year ago to $63.08 per sq. ft.