NEW YORK CITY—Manhattan office leasing activity totaled 2.55 million square feet last month in Manhattan, which was 16% higher than the borough's five-year monthly average, according to a report released today by CBRE Group.

In its Manhattan Office Marketview Snapshot report, the brokerage firm reports that office space absorption remained in positive territory at 130,000 square feet, while Manhattan's availability rate was steady month-over-month at 10.7%.

Year-to-date leasing in Midtown totaled 8.69 million square feet, which is 18% higher than year-to-date leasing for the same period in 2014. The largest transaction in Midtown was the 145,000-square-foot lease deal by Foot Locker at 330 West 34th St. The Midtown office availability rate dropped 40 basis points month-over-month to end May at 10.8% and was 80 basis points lower than the 11.6% rate recorded in May 2014. May's average asking rent in Midtown increased to $77.51-per-square-foot from $76.56-per-square-foot in April. The May asking rent in Midtown was 4% higher than May 2014.

Leasing activity in Midtown South during May totaled 577,000 square feet, which was 35% above the five-year monthly average of 427,000 square feet and marked the 13th consecutive month of average leasing activity higher than 300,000 square feet. Midtown South was the only market in Manhattan to have all new leases among its top transactions last month, including a 148,000-square-foot. pre-lease commitment by Nike at 855 Ave. of the Americas.

However, year-to-date leasing in May was 21% lower in Midtown South than the same time period in 2014—registering 2.34 million square feet in deals. May's availability rate in Midtown South increased 10 basis points compared to April and dropped 170 bps from one year ago. The average asking rent increased 1.0% month-over-month to end May at $67.45-per-square-foot.

Leasing fell sharply in Downtown last month. May leasing activity totaled 223,000 square feet—50% lower than the historical average of 442,000 square feet. For the second month in a row, all top-five transactions were new leases or commitments for expansion space. The availability rate decreased 40 basis points in May as compared to the month earlier and dropped 60 basis points from one year ago. Asking rents again broke the all-time high ending May  at $57.02-per-square-foot, compared to $56.73-per-square-foot in April. Asking rents are now 16% higher in Downtown as compared to a year ago.