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Manhattan Midtown Office Figures February 2023

February 6, 2023 20 Minute Read

‒ Monthly leasing activity totaled 795,000 sq. ft., 35% behind the five-year monthly average of 1.22 million sq. ft.

‒ Year-to-date leasing activity is down 15% from the same time last year.

‒ Renewal activity totaled 429,000 sq. ft. in January, up 183% from the same time last year.

‒ The availability rate rose 50 basis points from last month to 18.8% and was up 70 bps from a year ago.

‒ Net absorption was negative 1.51 million sq. ft. in January.

‒ At $83.57 per sq. ft., the average asking rent was essentially flat both month-over-month and year-over-year.

‒ The sublease availability rate was up 20 bps from one month ago to 4.7%, with the average asking rent up 8% from one year ago to $63.52 per sq. ft.