Manhattan Office Figures February 2024

February 5, 2024 10 Minute Read

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·       Leasing activity totaled 2.01 million sq. ft. in January, 14% ahead of the five-year monthly average of 1.76 million sq. ft and up 47% from a year ago.

·       Renewals totaled 318,000 sq. ft. in January, down 60% from the prior year.

·       The availability rate was down 20 basis points (bps) from last month at 19.8% and was flat from a year ago.

·       Net absorption was positive 1.15 million sq. ft. in January.

·       At $77.24 per sq. ft., the average asking rent was flat both month-over-month and year-over-year.

·       The sublease availability rate was down 20 bps from last month at 4.7%, with the average asking rent down 5% from one year ago to $57.03 per sq. ft.