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Manhattan Downtown Office Figures February 2023
February 6, 2023 20 Minute Read
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‒ Monthly leasing activity totaled 203,000 sq. ft., 42% behind the five-year monthly average of 348,000 sq. ft.
‒ Year-to-date leasing activity was down 45% from the same period last year.
‒ Renewals totaled 106,000 sq. ft. in January.
‒ The availability rate increased 60 bps from last month to 22.5% and was up 10 bps from a year ago.
‒ Net absorption was negative 52,000 sq. ft. in January.
‒ At $58.37 per sq. ft., the average asking rent was virtually unchanged month-over-month but down 2% year-over-year.
‒ Sublease availability was up 20 bps month-over-month to 6.6%, with the average asking rent flat from one year ago at $48.88 per sq. ft.