Manhattan Midtown South Office Figures March 2025

·     Leasing activity totaled 337,000 sq. ft. in February, on par with the five-year monthly average of 337,000 sq. ft.

·     Year-to-date leasing activity amounted to 885,000 sq. ft., up 63% from the prior year.

·     No renewals occurred in February, leaving the year-to-date total at 19,000 sq. ft.

·     The availability rate was down 10 bps from last month at 22.3% and was down 40 bps from a year ago.

·     Net absorption was positive 126,000 sq. ft. in February, bringing the year-to-date total to positive 420,000 sq. ft.

·     At $84.42 per sq. ft., the average asking rent was essentially flat month-over-month and year-over-year.

·     The sublease availability rate was down 10 bps from last month at 3.2%, with the average asking rent essentially flat from one year ago at $60.81 per sq. ft.