New York office market reports

Q1 2022


521.8 msf


26.6 million square feet (msf) proposed and under construction office developments of which 19.9 msf are available (5.0% total share of exisiting inventory).

11,625 sf 

Net absorption

As of Q1 022, absorption has reached positive 113,625 sf. This marks the first quarter since Q2 2020 that Manhattan has witness positive net absoption. 


Trophy and Class A net effective rent

When comparing March 2022 to March 2020, Trphy net effective rents have increased by 9.9, Class A net effective rents have decreased by 4.5%, and Class B & C net effective rents have decreased by 8.2%. These Class A, B & C decreases are largely due to the record levels of concessions packages being offered to compete with Trophy buildings.


Availability rate

Total availability rate as of Q1 2022 is 18.5%, up from 181% in Q4 2021. The direct availability rate respresents a post-2005 year-end high, while the sublease availability rate is still level with the year-end 2020 peak.


Investment sales

Office investment volume totaled $3.8B in Q1 2022, which is already 65.0% of 2021's total volume. This has been largely attributed to a few large-scale building sales including Google's $1.97 billion purchase at 550 Washington Street, which accounted for about half of this quarter's total office sale volume.

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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.

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