Manhattan Office Figures June 2024

·       Leasing activity totaled 2.28 million sq. ft. in May, 32% ahead of the five-year monthly average of 1.73 million sq. ft.

·       Year-to-date leasing activity amounted to 9.38 million sq. ft., up 51% from the prior year.

·       Renewals totaled 1.24 million sq. ft. in May, bringing the year-to-date total to 2.77 million sq. ft.

·       The availability rate was up 20 basis points (bps) from last month to 20.2% but was up 50 bps from a year ago.

·       Net absorption was negative 734,000 sq. ft. in May, bringing the year-to-date total to negative 412,000 sq. ft.

·       At $77.41 per sq. ft., the average asking rent was essentially flat both month-over-month and year-over-year.

·       The sublease availability rate was down 10 bps from last month to 4.7%, with the average asking rent essentially flat from one year ago at $57.72 per sq. ft.