Manhattan Midtown South Office Figures Q4 2023

January 9, 2024 10 Minute Read

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Leasing activity totaled 1.53 million sq. ft. in Q4, 36% ahead of the five-year quarterly average of 1.12 million sq. ft.
Year-end leasing activity totaled 3.90 million sq. ft., down 26% from the prior year.
Renewals totaled 448,000 sq. ft. in Q4, bringing the year-end total to 1.04 million sq. ft.
The availability rate was 22.5%—up 80 basis points (bps) from the prior quarter and up 330 bps from a year ago.
Net absorption was negative 681,000 sq. ft. in Q4, bringing the year-end total to negative 3.12 million sq. ft.
At $83.35 per sq. ft., the average asking rent was up 2% quarter-over-quarter but flat from the prior year.
The sublease availability rate was 4.7%, down 20 bps from the previous quarter, with the average asking rent down 7% from one year ago to $59.84 per sq. ft.