New York office market reports

Q4 2022

2022 leasing activity has outperformed leasing activity from 2021 (32.4 msf vs. 28.1 msf) and has reached the highest post-COVID annual volume of leasing activity. Despite the year-over-year increase, Q4 2022 leasing activity of 5.4 million square feet (msf) was significantly slower than previous Q4s, which is historically the strongest leasing quarter of the year. As a result, total office availability in Manhattan has increased by 20 basis points from 18.4% in Q3 2022 to 18.6% in Q4 – reaching record highs of available space. Despite a cool down in leasing activity and record high availability, Manhattan return-to-office rates have been trending upwards towards pre-COVID normalcy, currently at 55.7% compared to 2019 levels.

+15.5%

increase in leasing activity from 2021 to 2022, despite recent slowdown

18.6%

overall availability rate – 20 basis points higher than Q3 2022, reaching record levels

-30.6%

decrease in Manhattan job postings from October to November

55.7%

Manhattan return-to-work efforts, week of December 5, 2022 vs. week of December 2, 2019

$21.15 psf

difference in class A base and net effective rents, December 2022

$6.6B

of Manhattan office sales in 2022

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Get in-depth office market reports and insights from commercial real estate experts in the Greater New York area. Avison Young advisors look at New York commercial real estate activities and the latest New York statistics to provide you expert market research on New York's office properties.

Explore different topics like the latest office market pricing trends and analysis of New York's current office real estate market conditions. Gain a better understanding of New York’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in New York's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in New York.

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