New York office market reports

Q1 2023

Q1 2023 experienced one of the slowest quarters of leasing activity (5.9 msf) since the onset of the pandemic. From the years 2000 to 2019, average Q1 leasing activity was 9.2 msf –placing Q1 2023 35.9% below pre-COVID average leasing activity. As a result of weak leasing activity, the total office availability rate has climbed to a new high of 19.7%. Of the 102.4 msf of available space, 24.9 msf is sublease space – bringing the sublease share of availability to a record high of 24.3%. Despite a quarter of low demand, Trophy properties (the top 10% of the market) accounted for 29.6% of leasing activity this quarter. Top tier product continues to receive an outsized share of demand, leaving vintage product struggling for activity.

Sublease share of availability reaches new heights

5.9 msf

Q1 leasing activity sees slowest quarter since Q1 2021


Trophy net effective rents reach decade high levels

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