Manhattan Office Market
| Average Asking Rent (Price/SF) | $73.47 |
| Availability Rate (%) | 18.5% |
| Net Absorption (SF) | -589,250 |
For the second consecutive month, the Manhattan availability rate declined, closing the quarter at 18.5%. Improvements in Midtown and Midtown South drove the 20-basis-point drop from last quarter. Five submarkets recorded declines in availability rates of at least 100 basis points. This occurred despite seven large block additions of at least 100,000 square feet, spread across Midtown and Downtown. The sublease availability rate also fell quarter over quarter, down 10 basis points to 4.4%. Available sublease space decreased by approximately 800,000 square feet from last quarter, down to 20.4 million square feet.