Manhattan Office Rebound, Burlington Takes 206K Sf
2025 Manhattan Office Leasing: Key Stats and Context More than 40M SF of Manhattan office space was leased in 2025, marking the market’s busiest year in at least five years. By some counts, it was the strongest year since 2014. Estimates ranged from 39.8M to 43M SF, with Q4 leasing up 25% quarter over quarter. Key Market Disruption Year-end availability tightened to 13.9% from 16.5% in December 2024. Even so, 73.6M SF remained available. January 2026 registered 13.5%, extending 23 consecutive months of stability or decline. Pricing and Deal Context Average asking rent reached $76 per SF by year end and $77 in January. This remained below March 2020 levels. Trophy Midtown asking rents climbed to $191 per SF, up 12% year-over-year. Sublet dynamics improved as supply fell to 10.7M SF. Lease incentives remained central on major transactions, such as Burlington’s 206K SF lease at 1400 Broadway. What Drove Demand: Class A Flight-to-Quality in Manhattan The 2025 leasing surge was not evenly ...