Figures

Manhattan Office Figures June 2026

June 3, 2026 10 Minute Read

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  • Leasing activity totaled 3.02 million sq. ft. in May, 43% above the five-year monthly average of 2.10 million sq. ft.
  • Year-to-date leasing activity amounted to 12.78 million sq. ft., in line with leasing one year ago.
  • Renewals totaled 905,000 sq. ft. in May, bringing the year-to-date total to 4.87 million sq. ft.
  • The availability rate was down 10 basis points (bps) from last month to 14.5% and was down 310 bps year-over-year.
  • Net absorption was positive 490,000 sq. ft. in May, bringing the year-to-date total to positive 4.42 million sq. ft.
  • At $80.42 per sq. ft., the average asking rent was up 2% month-over-month and up 5% year-over-year.
  • The sublease availability rate was up 10 bps from last month to 2.6%, with the average asking rent up 5% from one year ago to $60.45 per sq. ft.