Manhattan Office Figures November 2026

‒ Leasing activity totaled 3.46 million sq. ft. in October, 61% ahead of the five-year monthly average of 2.15 million sq. ft.
‒ Year-to-date leasing activity amounted to 25.45 million sq. ft. and was down 2% from the prior year.
‒ Renewals totaled 335,000 sq. ft. in October, bringing the year-to-date total to 8.68 million sq. ft.
‒ The availability rate was flat from last month at 13.7% and was down 270 basis points (bps) year-over-year.
‒ Net absorption was positive 12,000 sq. ft. in October, bringing the year-to-date total to positive 7.77 million sq. ft.
‒ At $81.61 per sq. ft., the average asking rent was up 2% month-over-month and 6% year-over-year.
‒ The sublease availability rate was down 10 bps from last month to 2.3%, with the average asking rent up 6% from one year ago to $60.88 per sq. ft.