At a glance
- Average asking rents matched their March 2020 level, putting 2026 on pace for the market's strongest leasing year since 2000.
- The monthly absorption figure gives managers a concrete number to cite that the market is clearing.
- The asking-rent benchmark tracks face rents rather than net effective rents after concessions.
Manhattan office leasing volume reached 4.5 million square feet in October, up more than 50% from September.
Average asking rents matched their March 2020 level, putting 2026 on pace for the market's strongest leasing year since 2000.
For operators raising debt or equity against Manhattan office assets, the return to March 2020 asking rents provides a firmer mark for stabilized value discussions. The monthly absorption figure gives managers a concrete number to cite that the market is clearing. The figures are most useful for core and stabilized-asset strategies; they say less about deeply distressed buildings where tenant quality and capital needs still drive value.
The asking-rent benchmark tracks face rents rather than net effective rents after concessions. A single month of 4.5 million square feet can produce an on-pace comparison that shifts quickly if November and December slow.
Reported by The Wrap desk from Manhattan office leasing data. Published . Corrections