Manhattan Office Figures Q4 2025

· Leasing activity totaled 9.05 million sq. ft. in Q4, 53% ahead of the five-year quarterly average of 5.92 million sq. ft.

· Year-end leasing activity amounted to 32.29 million sq. ft., up 37% from the prior year.

· Renewals totaled 2.81 million sq. ft. in Q4, bringing the year-end total to 8.26 million sq. ft.

· The availability rate fell 110 basis points (bps) from last quarter to 15.5% and was down 300 bps from a year ago.

· Net absorption was positive 4.70 million sq. ft. in Q4, bringing the year-end total to positive 13.60 million sq. ft.

· At $77.89 per sq. ft., the average asking rent was flat quarter-over-quarter and up 1% year-over-year.

· The sublease availability rate was down 40 bps from last quarter to 2.7%, with the average asking rent unchanged from one year ago at $58.09 per sq. ft.