曼哈顿写字楼市场报告：2025年第二季度

Q2 2025 Manhattan office market trends 20.6 msf Leasing activity in 2025reached its highest first-halftotal since 2018 Manhattan availability ratehits lowest value since 2020 Gap between class A base andnet effective rents reacheshighest value to date Manhattan’s overall availability rate of 16.4%in Q2 2025 marks the lowest availability rate inover four years. Year-over-year, the overallavailability rate dropped by 320 basis points(bps) from 19.6%. This drop came from adecrease in both direct and sublet availablespace, which currently sit at 69.1 msf and 15.0msf, respectively. 2025’s first half leasing activity in Manhattanhas reached 20.6 million square feet (msf);17.2% higher than that of H1 2024. The difference between class A base and neteffective rents has reached a record high $30per square foot (psf), while trophy propertieshave seen their gap narrow to $23 psf. The number of 100k+ square feet (sf)transactions in H1 2025 has reached thehighest first half-year amount since 2019 with21 transactions. This increase in leasingactivity has been led by the banking, finance,insurance & real estate industry, which hasaccounted for just over a third of all activitythis year. This widening spread for class A reflects thesubstantial concession packages landlords areoffering to remain competitive, even as theyhold firm on rents. On the other hand, steadydemand and increased competition for trophyspace has allowed landlords to reduceincentives and slightly elevate rents. We expectclass A to follow the same trend seen bytrophy properties over the next 12-18 months. When accounting for the desirability of spacequality, which includes factors like potentialconversions, property classifications, andother mitigating elements, the availability ratedrops even further. Year-to-date, there has been20.6 msf of leasing activityacross Manhattan, the highestH1 value since 2018 (23.3 msf). This increase in activity hasbeen led by 21 leases of100k+ sf, the most seen in thefirst half of a year since 2019(23). Available space The overall availability rate hascontinued to drop as demandapproaches pre-pandemiclevels. The rate now sits at16.4%, down 350-bps from itspeak in Q2 2023. This marks the lowest ratesince Q3 2020 (15.4%), drivenby a notable drop in bothdirect and sublet availability -down 3.9% and 8.4% quarter-over-quarter, respectively. Base and net effective rents by class Due to high demand, trophybase and net effective rentsremain high and sit at $129 psfand $106 psf, respectively.Meanwhile, class A base andnet effective rents haverespectively increased by 3.6%and 2.1% year-to-date. Additionally, class A propertiesare experiencing the widestgap between base and neteffective rents, driven byelevated concession packagesaimed at attracting andretaining tenants. Market drivers Examining more prevailingoffice trends Manhattan office busyness,May 2025 vs. May 2019 As of May 2025, Manhattanoffice buildings are operatingat 70.8% of their May 2019busyness levels. Given Manhattan's position asone of the nation’s strongestoffice markets, it's notsurprising that this rateoutpaces the U.S. average of60.1%. Manhattan office busyness by major industry,May 2025 vs. May 2019 Certain industries acrossManhattan have seen strongeroffice busyness than others.For example, the consulting,research, accounting &recruiting industry was 12.9%busier in May 2025 comparedto May 2019. Other major industries likebanking, finance, insurance &real estate, and governmenthave seen strong officebusyness figures due to theirindustries’ return to officerequirements. Available direct space Direct available space sits at69.1 msf, the lowest since Q42020. Trophy space saw thebiggest quarter-over-quarterdecrease at 7.0% and droppedto 14.2 msf, its lowest value inover five years. As Manhattan’s supplycontinues to tighten, thevolume of direct availablespace is gradually returning topre-pandemic levels. Available sublet space Sublet available space iscurrently at 15.0 msf, down8.4% quarter-over-quarter andthe lowest since Q4 2019. Every asset class saw aquarter-over-quarter decreasein sublet available space, withclass B/C seeing the biggestdrop at 10.1%. Class A saw thenext largest drop at 8.3%,followed by trophy at 6.8%. Availability by vintage, Q2 2025 vs. Q1 2020 Availability in Manhattanbuildings built before 2010 hasrisen from 12.7% in Q1 2020 to16.7% in Q2 2025. In contrast,newer buildings constructedafter 2010 have seenavailability decline from 17.3%to 12.6% over the sameperiod. Transaction activity by asset class,by square footage Year-to-date, trophy and classA properties have captured81.6% of Manhattan leasingactivity by class- highlightingthe continued flight to qualityas tenants prioritize newer,high-end space over agingclass B/C product. Despite representing just thetop 25% of inventory, trophyand class A properties haveaccounted for the vastmajority of leasing this year,far outpacing their marketshare. While Midtow