Manhattan Midtown South Office Figures December 2022

‒Monthly leasing activity totaled 317,000 sq. ft., down 25% from the five-year monthly average of 420,000 sq. ft.

‒Year-to-date leasing activity totaled 4.85 million sq. ft., up 10% from the same period last year.

‒Renewals totaled 45,000 sq. ft. in November, bringing the year-to-date total to 1.27 million sq. ft.

‒The availability rate decreased 20 basis points (bps) from last month to 19.7% but was up 170 bps from a year ago.

‒Net absorption was positive 146,000 sq. ft. in November, bringing the year-to-date total to negative 1.41 million sq. ft.

‒The average asking rent was $83.05 per sq. ft., virtually unchanged from last month and up 6% from one year ago.

‒Sublease availability decreased 10 bps month-over-month to 4.8%, with an average asking rent of $65.24 per sq. ft., up 2% from one year ago.