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CBRE
FIGURES|MIDTOWNMANHATTANOFFICE|DECEMBER2025
Year-to-dateleasingactivityhit17.4millionsq.ft.–
highestlevelsince2006
1.51M
LeasingActivity
0.49M
NetAbsorption
14.0%
AvailabilityRate
Note:Arrowsindicatechangefrompreviousmonth.
QUICKFACTS
-Leasingactivitytotaled1.51millionsq.ft.inNovember,21%aheadofthefive-yearmonthlyaverageof1.24millionsq.ft.
-Year-to-dateleasingactivityamountedto17.41millionsq.ft.,up21%fromtheprioryear.
-Renewalstotaled279,000sq.ft.inNovember,bringingtheyear-to-datetotalto3.99millionsq.ft.
-Theavailabilityratefell20basispoints(bps)fromlastmonthto14.0%andwasdown310bpsfromayearago.
-Netabsorptionwaspositive487,000sq.ft.inNovember,bringingtheyear-to-datetotalto6.36millionsq.ft.
-At$83.34persq.ft.,theaverageaskingrentwasflatmonth-over-monthandyear-over-year.
-Thesubleaseavailabilityratewasdown10bpsfromlastmonthto2.6%,withtheaverageaskingrentunchangedfromoneyearagoat$63.17persq.ft.
10.7%
VacancyRate
$83.34
AverageAskingRent
FIGURE1:TopLeaseTransactionsforNovember2025
Size
(Sq.Ft.)
153,915
Deal
Type
Direct/
Sublet
Tenant
Address
RE
D
INGGroup
1133AvenueoftheAmericas
132,693
L
D
Rippling
330West34thStreet
81,876
L
D
EliseAI
401FifthAvenue
75,566
L
S
WillisTowersWatson
1325AvenueoftheAmericas
60,427
E
S
JPMorganChase
390MadisonAvenue
Source:CBREResearch,December2025.Lease(L),Renewal(R),Expansion(E),RenewalandExpansion(RE)
1CBRERESEARCH?2025CBRE,INC.
FIGURES|MIDTOWNMANHATTANOFFICE|DECEMBER2025
2CBRERESEARCH?2025CBRE,INC.
FIGURE2:MidtownMarketActivity
Nov.2025Oct.2025Nov.2024YTD2024YTD2025
LeasingActivity
1.51MSF
1.62MSF
1.49MSF
14.37MSF
17.41MSF
Renewals
0.28MSF
0.23MSF
0.62MSF
6.83MSF
3.99MSF
Absorption
0.49MSF
0.81MSF
0.25MSF
2.57MSF
6.36MSF
AvailabilityRate
14.0%
14.2%
17.1%
VacancyRate
10.7%
10.9%
12.9%
AverageAskingRent
$83.34PSF
$82.78PSF
$84.07PSF
TakingRentIndex
95.7%
95.4%
92.2%
Source:CBREResearch,December2025.
MajorNewAvailabilities
-204,000sq.ft.ofdirectspaceat1211AvenueoftheAmericas
-122,000sq.ft.ofSimon&Schuster,Inc.subletspaceat1230AvenueoftheAmericas
-113,000sq.ft.ofdirectspaceat340MadisonAvenue
-69,000sq.ft.ofdirectspaceat1133AvenueoftheAmericas
-61,000sq.ft.ofIndeedsubletspaceat1120AvenueoftheAmericas
Total
Size(MSF)
Submarket
No.of
Buildings
1
TimesSq./WestSide
31.4
44
2
Plaza
10.6
22
3
SixthAvenue/Rockefeller
44.2
46
4Fifth/Madison11.527
5ParkAvenue30.637
6EastSide20.544
7GrandCentral45.384
8TimesSq.South19.548
9PennDistrict/HudsonYards35.837 TOTALINVENTORY249.5389
FIGURES|MIDTOWNMANHATTANOFFICE|DECEMBER2025
Definitions
Availability:Spacethatisbeingactivelymarketedandisavailablefortenantbuild-outwithin12months.Includesspaceavailableforsubleaseaswellasspaceinbuildingsunderconstruction.
AskingRent:Weightedaverageaskingrent.
ConcessionValues:ThecombinationofrentabatementandT.I.allowance.Thegraphisfornewleasesforrawspaceof25,000sq.ft.orgreaterconsummatedyear-to-date,thisexcludesexpansionandrenewaldeals.
LeasingActivity:Totalamountofsq.ft.leasedwithinaspecifiedperiodoftime,includingnewdeals,expansions,andpre-leasing,butexcludingrenewals.
LeasingVelocity:Totalamountofsq.ft.leasedwithinaspecifiedperiodoftime,includingnewdeals,expansions,andpre-leasingandrenewals.
NetAbsorption:Thechangeintheamountofcommittedsq.ft.withinaspecifiedperiodoftime,asmeasuredbythechangeinavailablesq.ft.
RentAbatement:Thetimebetweenleasecommencementandrentcommencement.
TakingRent:Actual,initialbaserentinaleaseagreement.
TakingRentIndex:Initialtakingrentsasapercentageofaskingrents.
Definitions
T.I.:Tenantimprovements.
Vacancy:Unoccupiedspaceavailableforlease.
PercentageofLeasingbyIndustry:Thepercentageofsq.ft.leasedbyanindustrybasedontransactionswhereatenantandindustryhavebeenconfirmed.
SurveyCriteria
CBRE’smarketreportanalyzesfullymodernizedofficebuildingsthattotal150,000+sq.ft.inMidtown,includingowner-occupiedbuildings(exceptthoseownedandoccupiedbyagovernmentorgovernmentagency).Newconstructionmustbeavailablefortenantbuild-outwithin12months.CBREassemblesallinformationthroughtelephonecanvassingandlistingsreceivedfromowners,tenantsandmembersofthecommercialrealestate
brokeragecommunity.
Co
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