Manhattan Office Figures Q4 2023

January 9, 2024 10 Minute Read

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Leasing activity totaled 6.38 million sq. ft. in Q4, 20% ahead of the five-year quarterly average of 5.34 million sq. ft.
Year-end leasing activity totaled 18.93 million sq. ft., down 18% from the prior year.
Renewals totaled 2.63 million sq. ft. in Q4, bringing the year-end total to 7.07 million sq. ft.
The availability rate was up 20 basis points (bps) from last quarter at 20.0% and was up 80 from a year ago.
Net absorption was negative 708,000 sq. ft. in Q4, bringing the year-end total to negative 3.13 million sq. ft.
At $76.83 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 4.9%, with the average asking rent down 4% from one year ago to $57.17 per sq. ft.