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Manhattan Midtown South Office Figures February 2023
February 6, 2023 20 Minute Read
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‒ Monthly leasing activity totaled 372,000 sq. ft., down 12% from the five-year monthly average of 421,000 sq. ft.
‒ Year-to-date leasing activity was down 4% from the same period last year.
‒ Renewals totaled 269,000 sq. ft. in January.
‒ The availability rate increased 50 basis points (bps) from last month to 19.7% and was up 70 bps from a year ago.
‒ Net absorption was negative 784,000 sq. ft. in January.
‒ The average asking rent was $84.18 per sq. ft., up 1% from last month and 6% from one year ago.
‒ Sublease availability increased 20 bps month-over-month to 4.7%, with the average asking rent flat from one year ago at $64.15 per sq. ft.