Figures

Manhattan Office Figures August 2026

August 5, 2026 10 Minute Read

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  • Leasing activity totaled 2.98 million sq. ft. in July, 39% above the five-year monthly average of 2.14 million sq. ft.
  • Year-to-date leasing activity amounted to 17.87 million sq. ft., up 2% from the prior year.
  • Renewals totaled 427,000 sq. ft. in July, bringing the year-to-date total to 6.36 million sq. ft.
  • The availability rate was down 40 basis points (bps) from last month to 14.0% and was down 320 bps year-over-year.
  • Net absorption was positive 1.50 million sq. ft. in July, bringing the year-to-date total to positive 6.58 million sq. ft.
  • At $80.20 per sq. ft., the average asking rent was essentially flat month-over-month and up 4% year-over-year.
  • The sublease availability rate was down 20 bps from last month to 2.4%, with the average asking rent flat compared to one year ago at $58.74 per sq. ft.