Explore Manhattan’s Booming Office Market with Record High Availability in Q1 2023

Q1 2023 saw the Manhattan office market reach a record high availability of 18.9%, with leasing activity measuring only 4.6 million square feet – the lowest quarterly tally in two years, according to Transwestern Real Estate Services’ report. Direct and sublet availability both hit all-time highs, with sublet availability rising to 5% of total inventory and an absorption rate of negative 1.2 million square feet (an improvement from Q4’s 2.4 million). Asking rents rose 4.3% year-over-year to $71.62 per sq ft., while five deals exceeding 100K sq ft were signed during this period as well; however, new core office inventory under construction was 2