Manhattan Office Figures March 2026

· Leasing activity totaled 1.97 million sq. ft. in February, 2% below the five-year monthly average of 2.01 million sq. ft.

· Year-to-date leasing activity amounted to 4.07 million sq. ft., down 21% from the prior year.

· Renewals totaled 401,000 sq. ft. in February, bringing the year-to-date total to 514,000 sq. ft.

· The availability rate was flat from last month at 15.5% but was down 290 basis points (bps) year-over-year.

· Net absorption was negative 113,000 sq. ft. in February, bringing the year-to-date total to positive 253,000 sq. ft.

· At $78.48 per sq. ft., the average asking rent was essentially flat month-over-month but up 2% year-over-year.

· The sublease availability rate was up 10 bps from last month to 2.8%, with the average asking rent up 3% from one year ago to $58.22 per sq. ft.