Manhattan Office Figures Q1 2026

·  Leasing activity totaled 7.01 million sq. ft. in Q1, 14% ahead of the five-year quarterly average of 6.13 million sq. ft.

· Year-to-date leasing activity was down 11% from the prior year.

·  Renewals totaled 3.27 million sq. ft. in Q1, up 55% from the same time last year.

·  The availability rate fell 40 basis points (bps) from last quarter to 15.1% and was down 290 bps from a year ago.

·  Net absorption was positive 2.06 million sq. ft. in Q1.

·  At $78.01 per sq. ft., the average asking rent was flat both quarter-over-quarter and year-over-year.

·  The sublease availability rate was flat from last quarter at 2.7%, with the average asking rent essentially unchanged from one year ago at $57.81 per sq. ft.