Manhattan Midtown South Office Figures March 2026

·  Leasing activity totaled 443,000 sq. ft. in February, 2% below the five-year monthly average of 450,000 sq. ft.

·  Year-to-date leasing activity amounted to 827,000 sq. ft., down 7% from the prior year.

·  Renewals totaled 119,000 sq. ft. in February, bringing the year-to-date total to 164,000 sq. ft.

·  The availability rate was up 10 bps from last month to 18.5% but was down 380 bps from a year ago.

·  Net absorption was negative 77,000 sq. ft. in February, bringing the year-to-date total to negative 180,000 sq. ft.

·  At $84.91 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 to 2.4%, with the average asking rent up 7% from one year ago to $65.35 per sq. ft.