Manhattan Office Figures Q4 2024

·       Leasing activity totaled 6.97 million sq. ft. in Q4, 41% ahead of the five-year quarterly average of 4.93 million sq. ft.

·       Full-year leasing activity amounted to 23.54 million sq. ft., up 24% from the prior year.

·       Renewals totaled 4.05 million sq. ft. in Q4, bringing the full-year total to 9.96 million sq. ft.

·       The availability rate was down 80 basis points (bps) from last quarter to 18.5% and was down 150 bps from a year ago.

·       Net absorption was positive 3.72 million sq. ft. in Q4, bringing the year-to-date total to positive 6.97 million sq. ft.

·       At $76.83 per sq. ft., the average asking rent was down 1% quarter-over-quarter but was flat year-over-year.

·       The sublease availability rate was down 30 bps from last quarter to 4.1%, with the average asking rent up 1% from one year ago at $57.97 per sq. ft.