Manhattan Office Market
Positive absorption for a second consecutive quarter along with strong leasing activity led to a decline in availability to 17.2%.March leasing recorded 4.7 MSF, the highest month of activity since November 2019.1Q25 leasing activity totaled 11.7 MSF with 16 leases above 100K, including 13 signed in Midtown. Available sublease space decreased to 15.8 MSF, currently just 4.1 MSF above pre-pandemic levels with 2.4 MSF removed from the market since year-end 2024.