Manhattan Office Market
Limited large block additions and steady leasing led to a fifth consecutive quarter of declining availability, falling to 16.9%. Second quarter leasing regressed to 8.4 MSF, but year-to-date activity is up 21.4% compared to the first half of 2024. All three Manhattan markets recorded a quarterly increase in rental rates, the first time since 4Q21. Available sublease space decreased to14.6 MSF, the lowest quarterly total since 2Q20.