Figures

Manhattan Downtown Office Figures June 2026

June 3, 2026 10 Minute Read

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  • Leasing activity totaled 338,000 sq. ft. in May, 22% ahead of the five-year monthly average of 278,000 sq. ft.
  • Year-to-date leasing activity amounted to 1.82 million sq. ft and was up 4% from the prior year.
  • Renewals totaled 72,000 sq. ft. in May, bringing the year-to-date total to 416,000 sq. ft.
  • The availability rate was down 30 basis points (bps) from last month at 16.9% and down 400 bps year-over-year.
  • Net absorption was positive 253,000 sq. ft. in May, bringing the year-to-date total to positive 1.89 million sq. ft.
  • At $61.14 per sq. ft., the average asking rent rose 3% month-over-month and up 6% year-over-year.
  • The sublease availability rate was unchanged from last month at 3.7%, while the average asking rent was flat year-over-year at $46.35 per sq. ft.