Manhattan Office Market
|Average Asking Rent (Price/SF)||$73.89|
|Availability Rate (%)||18.7%|
|Net Absorption (SF)||-9,509,927|
After closing at an all-time high of $81.71/SF in the first quarter of 2020, asking rents decreased by $7.65/SF over the course of the following year. That decline appears to have halted, as Manhattan overall asking rents dropped by just $0.17/SF from last quarter. This comes on the heels of asking rent decreases of at least $2.00/SF for three consecutive quarters. However, it is important to note that asking rents remain 9.6% below pre-pandemic levels, reaching their lowest point in more than five years.
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