Manhattan Midtown South Office Figures Q1 2026

·  Leasing activity totaled 1.90 million sq. ft. in Q1, 36% ahead of the five-year quarterly average of 1.39 million sq. ft.

·  Year-to-date leasing activity was up 18% from the prior year.

·  Renewals totaled 322,000 sq. ft. in Q1, down 32% from the same time last year.

· The availability rate was down 60 basis points (bps) from last quarter to 17.7% and was down 420 bps from a year ago.

·  Net absorption was positive 509,000 sq. ft. in Q1.

· At $84.37 per sq. ft., the average asking rent was flat quarter-over-quarter and year-over-year.

·  The sublease availability rate was down 10 bps from last quarter to 2.3%, with the average asking rent down 2% from one year ago at $64.86 per sq. ft.