Manhattan Office Figures March 2025

·     Leasing activity totaled 2.52 million sq. ft. in February, 53% ahead of the five-year monthly average of 1.65 million sq. ft.

·     Year-to-date leasing activity amounted to 5.13 million sq. ft., up 49% from the prior year.

·     Renewals totaled 615,000 sq. ft. in February, bringing the year-to-date total to 955,000 sq. ft.

·     The availability rate was down 10 basis points (bps) from last month to 18.4% and was down 180 bps from a year ago.

·     Net absorption was positive 414,000 sq. ft. in February, bringing the year-to-date total to positive 1.31 million sq. ft.

·     At $77.20 per sq. ft., the average asking rent was essentially flat month-over-month and year-over-year.

·     The sublease availability rate was down 20 bps from last month to 3.8%, with the average asking rent essentially flat from one year ago at $56.66 per sq. ft.