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Manhattan Office Figures May 2023

May 4, 2023 10 Minute Read

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  • Leasing activity totaled 1.14 million sq. ft. in April, 41% behind the five-year monthly average of 1.93 million sq. ft. 
  • Year-to-date leasing activity totaled 4.99 million sq. ft., down 35% from the same time last year.
  • Renewals totaled 409,000 sq. ft. in April, bringing the year-to-date total to 1.90 million sq. ft.
  • The availability rate was flat from last month at 19.7% but was up 30 basis points (bps) from a year ago.
  • Net absorption was negative 232,000 sq. ft. in April, bringing the year-to-date total to negative 2.09 million sq. ft. 
  • At $77.49 per sq. ft., the average asking rent was essentially flat month-over-month but was down 1% year-over-year.
  • The sublease availability rate was down 10 bps from last month at 5.1%, with the average asking rent down 3% from one year ago to $58.48 per sq. ft.