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Manhattan Downtown Office MarketView December 2021

03 dic. 2021

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- Monthly leasing activity totaled 344,000 sq. ft., 12% below the five-year monthly average of 391,000 sq. ft.

- Year-to-date leasing activity totaled 2.62 million sq. ft., was up 17% compared to the same period last year and has already surpassed the 2020 total.

- Renewal activity totaled 41,000 sq. ft. in November, bringing the year-to-date total to 1.23 million sq. ft.

- The availability rate declined 10 basis points (bps) from last month to 21.0% and was up 600 bps from a year ago.

- Net absorption was positive 65,000 sq. ft. in November, bringing the year-to-date total to negative 5.37 million sq. ft.

- At $57.93 per sq. ft., the average asking rent was essentially flat from last month and down 6% from one year ago.

- The sublease availability rate was 5.7%, with the average asking rent down 10% from one year ago to $49.85 per sq. ft.