• Manhattan finished 2019 with 31.63 million sq. ft. of leasing, 10% above the five-year average, but down 2% from the same time last year.
  • Renewals totaled 2.47 million sq. ft. in Q4, bringing the 2019 year-end total to 8.01 million sq. ft.
  • The availability rate was 11.2%, up 10 basis points (bps) quarter-over-quarter and up 40 bps year-over-year.
  • Net absorption was negative 286,000 sq. ft. in Q4, bringing the year-to-date figure to negative 2.15 million sq. ft.
  • The average asking rent down 1% quarter-over-quarter at $80.43 per sq. ft. but was up 10% from one year ago.
  • Sublease availability is up 20 bps to 2.7% both quarter-over-quarter and year-over-year. Average sublease asking rent is at $63.97, up 8% year-over-year.