New York office market reports

Q2 2022

Leasing activity through the first half of 2022 reached 14.9 msf, a 25.2% increase from the first half of 2021. However, in the 10 years leading up to COVID, first-half-year leasing activity has averaged 20.2 msf, placing YTD 2022 at 26.2% below the historical average. Trophy properties, the top 10.0% of the market, continue to capture an outsized share of demand: 30.9% of leases YTD. However, new additions to the market – particularly sublet space – continue to outpace leasing activity, bringing the total availability rate up to a new peak of 18.6%.

523.3 msf


26.4 million square feet (msf) proposed and under construction office developments, 9.4 msf of which will be delivered this year (5.1 msf pre-leased).

-1.4 msf

YTD net absorption

Manhattan reported positive absorption in Q1 2022 (+0.1 msf) but regressed in Q2 2022 (-1.5 msf), largely due to an abundance of new sublet space.


Trophy net effective rent per square foot

When comparing June 2022 to March 2020 (pre-COVID), Trophy property net effective rents increased by 13.1% and Class A net effective rents decreased by 7.2%. Class A net effective rent decreases are due to the near-record levels of concession packages being offered to compete with Trophy properties.


Availability rate

Total availability rate as of Q2 2022 is 18.6%, up from 18.5% in Q1 2022. Direct availability decreased by 20 basis points (bp) to 14.1% (73.6 msf) while sublease availability increased by 30bp to 4.5% (23.4 msf).

$4.8 B

Investment sales

Through the first half of 2022, office investment volume totaled $4.8B. Current quarter has seen $913.7 million in total office sales volume from 9 transactions compared to $2.0 billion from 13 transactions last quarter (excluding Google’s $1.97B purchase of 550 Washington Street).

Download NY Office Report

Your source for the latest New York office market reports

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.

The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.

Get the latest New York office market reports right in your inbox