Manhattan Midtown South Office Figures May 2026

· Leasing activity totaled 773,000 sq. ft. in April, 63% above the five-year monthly average of 473,000 sq. ft.

· Year-to-date leasing activity amounted to 2.68 million sq. ft., up 18% from the prior year.

· Renewals totaled 421,000 sq. ft. in April, bringing the year-to-date total to 743,000 sq. ft.

· The availability rate was down 20 basis points (bps) from last month to 17.5% and was down 380 bps from a year ago.

· Net absorption was positive 174,000 sq. ft. in April, bringing the year-to-date total to positive 683,000 sq. ft.

· At $84.77 per sq. ft., the average asking rent was flat month-over-month and up 2% year-over-year.

· The sublease availability rate was flat from last month at 2.2%, with the average asking rent up 6% from one year ago to $71.06 per sq. ft.