CBRE: Manhattan Marketview- February, 2021

Market Report provided by CBRE

Monthly leasing activity totaled 233,000 sq. ft., 41% below the five-year monthly average of 397,000 sq. ft. Year-to-date leasing activity was down 42% compared to the same period last year. Renewal activity totaled 31,000 sq. ft. in January. The availability rate rose 200 basis points (bps) from last month to 17.1% and was up 460 bps from one year ago. Net absorption was negative 1.80 million sq. ft. in January. At $61.17 per sq. ft., the average asking rent was essentially flat from the prior month and down 3% from one year ago.