Figures

Manhattan Office Figures September 2026

September 3, 2026 10 Minute Read

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  • Leasing activity totaled 2.24 million sq. ft. in August, 4% ahead of the five-year monthly average of 2.15 million sq. ft.
  • Year-to-date leasing activity amounted to 20.11 million sq. ft., down 2% from the prior year.
  • Renewals totaled 832,000 sq. ft. in August, bringing the year-to-date total to 7.19 million sq. ft.
  • The availability rate was down 30 basis points (bps) from last month to 13.7% and was down 330 bps year-over-year.
  • Net absorption was positive 1.01 million sq. ft. in August, bringing the year-to-date total to positive 7.59 million sq. ft.
  • At $80.05 per sq. ft., the average asking rent was essentially flat month-over-month and up 3% year-over-year.
  • The sublease availability rate was unchanged compared to last month at 2.4%, with the average asking rent down 2% from one year ago to $58.44 per sq. ft.