Manhattan Office Figures Q2 2023

·       Leasing activity totaled 4.39 million sq. ft. in Q2, 22% behind the five-year quarterly average of 5.66 million sq. ft. 

·       Year-to-date leasing activity totaled 8.24 million sq. ft., down 29% from the same time last year.

·       Renewals totaled 1.29 million sq. ft. in Q2, bringing the year-to-date total to 2.78 million sq. ft.

·       The availability rate was up 20 bps from last quarter at 19.9% and was up 70 bps from a year ago.

·       Net absorption was negative 884,000 sq. ft. in Q2, bringing the year-to-date total to negative 2.75 million sq. ft. 

·       At $77.22 per sq. ft., the average asking rent was essentially flat quarter-over-quarter and year-over-year.

·       The sublease availability rate was down 10 bps from last quarter at 5.1%, with the average asking rent down 5% from one year ago to $57.56 per sq. ft.