Manhattan Midtown South Office Figures Q1 2023

April 10, 2023 10 Minute Read

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  • Leasing activity totaled 832,000 sq. ft. in Q1, 33% behind the five-year quarterly average of 1.24 million sq. ft.
  • Year-to-date leasing activity was down 41% from the same time last year.
  • Renewals totaled 421,000 sq. ft. in Q1, up 144% from the same time last year.
  • The availability rate rose 120 bps from the previous quarter to 20.4% and was up 130 bps from a year ago.
  • Net absorption was negative 1.36 million sq. ft. in Q1.
  • At $82.52 per sq. ft., the average asking rent was essentially flat quarter-over-quarter but up 3% year-over-year.
  • The sublease availability rate was up 80 bps from the prior quarter at 5.3%, with the average asking rent down 2% from one year ago to $63.00 per sq. ft.