Manhattan Office Market
| Average Asking Rent (Price/SF) | $74.29 |
| Availability Rate (%) | 18.7% |
| Net Absorption (SF) | -346,347 |
Leasing activity closed the fourth quarter at 5.9 million square feet, a 42.5% decrease quarter over quarter. This marked the lowest total velocity in seven quarters and brought year-to-date activity to 32.9 million square feet. Of that total, 69.7% was leased in Class A space, a year-over-year improvement of approximately 570 basis points, continuing the trend of flight to quality. Although activity declined significantly in the fourth quarter, annual activity increased by 15.2% year over year.
Download Manhattan Market Report 4Q22 Download Manhattan Monthly Market Report November 2022