Manhattan Midtown South Office Figures November 2026

‒ Leasing activity totaled 956,000 sq. ft. in October, 93% ahead of the five-year monthly average of 495,000 sq. ft.
‒ Year-to-date leasing activity amounted to 7.18 million sq. ft. and was up 11% from the prior year.
‒ Renewals totaled 80,000 sq. ft. in October, bringing the year-to-date total to 1.67 million sq. ft.
‒ The availability rate was down 100 basis points (bps) from last month to 15.2% and was down 450 bps year-over-year.
‒ Net absorption was positive 796,000 sq. ft. in October, bringing the year-to-date total to positive 2.52 million sq. ft.
‒ At $89.44 per sq. ft., the average asking rent was up 3% month-over-month and 6% year-over-year.
‒ The sublease availability rate was down 40 bps from last month to 2.0%, with the average asking rent up 17% from one year ago to $79.00 per sq. ft.