Manhattan's office sector has continued to show strong momentum in the post-pandemic world. Most notably, availability in the first three months of 2025 slipped by 240 basis points year-over-year to 17.3 percent, according to Avison Young. This is the lowest amount recorded since 2020.
"This drop came from a decrease in both direct and sublet available space, which currently sit at 72.0 msf and 16.4 msf, respectively," Avison Young wrote.
"However, when considering factors such as conversion candidates, property class, and other extenuating circumstances, the availability rate is even lower."
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