"Firms inked leases for about 11.8 million square feet of Manhattan office space in the first quarter of 2026, according to a new report from Colliers. That's a slight decline from the end of 2025, but still a 3.4 percent growth year over year and the strongest first quarter since 2014."
"More than one-fifth of the quarter's leasing volume was driven by its largest lease, Bank of America's 2.4 million-square-foot renewal at 1 Bryant Park. Without that, leasing volume would have come in closer to 9 million square feet, a more significant drop from the end of 2025."
"The availability rate tightened to 13.7 percent, according to the report, down 2.4 percentage points year over year. The number marks two years of quarterly tightening or stabilizing."
In the first quarter of 2026, Manhattan's office market experienced a resurgence, with firms leasing approximately 11.8 million square feet. This represents a 3.4 percent growth year over year, despite a slight decline from the end of 2025. Average asking rent increased to $77.55 per square foot. A significant lease renewal by Bank of America contributed to this growth, although achieving the previous year's absorption levels remains challenging. The availability rate decreased to 13.7 percent, indicating a tightening market, particularly in Midtown, which captured 57 percent of leasing activity.
#manhattan-office-market #leasing-activity #real-estate-growth #average-asking-rent #bank-of-america-lease
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