Manhattan Midtown South Office Figures November 2022

‒ Monthly leasing activity totaled 323,000 sq. ft., down 24% from the five-year monthly average of 426,000 sq. ft.

‒ Year-to-date leasing activity totaled 4.53 million sq. ft., up 14% from the same period last year.

‒ Renewals totaled 22,000 sq. ft. in October, bringing the year-to-date total to 1.23 million sq. ft.

‒ The availability rate increased 70 basis points (bps) from last month to 19.9% and was up 170 bps from a year ago.

‒ Net absorption was negative 593,000 sq. ft. in October, bringing the year-to-date total to negative 1.56 million sq. ft.

‒ The average asking rent was $83.58 per sq. ft., up 1% from last month and up 7% from one year ago.

‒ Sublease availability increased 20 bps month-over-month to 4.9%, with an average asking rent of $66.71 per sq. ft., up 7% from one year ago.