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New York & Tri-State  + New York  + Office  | 
Report: 2023 will be a Pivotal Year for Seattle Office Market

Manhattan Office Market Hits Record High Availability in Q1 2023 

In Q1 2023, the office market in Manhattan hit 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 a report from Transwestern Real Estate Services.  

Both direct and sublet availability reached record levels, with sublet availability rising to 5% of Manhattan’s total office inventory. The absorption rate was negative 1.2 million square feet, but an improvement from the prior quarter’s 2.4 million square feet. Asking rents rose 4.3% year-over-year to $71.62 per square foot.  

The market saw five deals signed exceeding 100,000 square feet. There is approximately 2.8 million square feet of new core office inventory under construction, well below the five-year quarterly average of 12.5 million square feet. Office sales volume was $441.7m, reflecting lowered investor confidence. 


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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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