Read

Manhattan Office Figures February 2023

February 6, 2023 20 Minute Read

‒ Monthly leasing activity totaled 1.37 million sq. ft., 31% behind the five-year quarterly average of 1.99 million sq. ft.

‒ Year-to-date leasing activity was down 19% from the same time last year.

‒ Renewals totaled 803,000 sq. ft. in January, up 372% from the same time last year.

‒ The availability rate was 19.8%, up 60 basis points (bps) both month-over-month and year-over-year.

‒ Net absorption was negative 2.35 million sq. ft. in January.

‒ At $77.79 per sq. ft., the average asking rent was essentially flat month-over-month but up 2% year-over-year.

‒ The sublease availability rate was up 20 bps from last month at 5.1%, with the average asking rent up 4% from one year ago to $59.84 per sq. ft.