Manhattan Office Market
Availability increased 100 BPS in the first quarter to 19.5%. Total available space has risen 35.9 MSF since March 2020 with 90.0 MSF currently available. 20 blocks of space over 100,000 SF were added to the market in the first quarter totaling 5.1 MSF as availability increased in 13 of 19 submarkets. The delta in direct asking rents between class A and B assets is nearly $35.00/SF, its widest point in more than five years. First quarter 2024 leasing recorded 6.5 MSF, down 10.7% from one year ago. Midtown accounted for 76.4% of quarterly activity. FIRE leasing continues to lead all industries with 41.9% of deals. Activity from TAMI companies remains well below recent annual levels.