Manhattan Office Figures May 2026

· Leasing activity totaled 2.75 million sq. ft. in April, 33% above the five-year monthly average of 2.07 million sq. ft.

· Year-to-date leasing activity amounted to 9.76 million sq. ft., down 6% from the prior year.

· Renewals totaled 701,000 sq. ft. in April, bringing the year-to-date total to 3.97 million sq. ft.

· The availability rate was down 50 basis points (bps) from last month to 14.6% and was down 310 bps year-over-year.

· Net absorption was positive 1.86 million sq. ft. in April, bringing the year-to-date total to positive 3.93 million sq. ft.

· At $78.93 per sq. ft., the average asking rent was up 1% month-over-month and up 2% year-over-year.

· The sublease availability rate was down 20 bps from last month to 2.5%, with the average asking rent up 5% from one year ago to $60.37 per sq. ft.