Manhattan Office Market
| Average Asking Rent (Price/SF) | $77.17 |
| Availability Rate (%) | 18.7% |
| Net Absorption (SF) | -1,787,458 |
Leasing activity was strong in January, but the Omicron variant caused some disruption in activity in February before rebounding in March. As a result, leasing totaled 8.5 million square feet for the quarter, up 0.3% from the fourth quarter, the second highest total since the start of the pandemic. As the Omicron variant waned and cases of COVID-19 continued to steadily decline in New York City, mobility indicators showed a rebound in March with Manhattan companies holding strong on their goals to bring employees back to the office. This coincided with an uptick in active large requirements and numerous new leases, led by Blackstone’s 330,000-square-foot renewal and expansion at 601 Lexington Avenue. Midtown activity eclipsed 5.5 million square feet for the second consecutive quarter.
Download Manhattan Market Report 1Q22 Download Manhattan Monthly Market Report February 2022 Download Manhattan Retail Market Report 3Q21