Manhattan Midtown South Office Figures Q4 2025

·   Leasing activity totaled 2.29 million sq. ft. in Q4, 73% ahead of the five-year quarterly average of 1.33 million sq. ft.

·   Year-end leasing activity totaled 8.06 million sq. ft., up 80% from the prior year.

·    Renewals totaled 462,000 sq. ft. in Q4, bringing the year-end total to 1.30 million sq. ft.

·   The availability rate was down 130 basis points (bps) from last quarter to 18.3% and was down 440 bps from a year ago.

·   Net absorption was positive 1.05 million sq. ft. in Q4, bringing the year-end total to positive 3.69 million sq. ft.

·   At $84.77 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 2.4%, with the average asking rent up 14% from one year ago to $67.55 per sq. ft.