Manhattan Office Market
Strong leasing activity in the fourth quarter led to a decline in availability to 17.8% as 15 of 19 submarkets recorded reductions. Available sublease space decreased to 18.0 MSF, the lowest level since 3Q20. Available sublease space peaked at 22.8 MSF in 1Q23. Absorption was positive in December for a third consecutive month and tallied 1.2 MSF in the second half of 2024. Quality large block availabilities (100K+) are becoming scarcer with 78.5% of Midtown large space options in the base or mid-rise of buildings.
Download Manhattan Office Market Report 4Q24