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.
24.3%

Sublease share of availability reaches new heights

5.9 msf

Q1 leasing activity sees slowest quarter since Q1 2021

$111.77

Trophy net effective rents reach decade high levels

Download the Manhattan Market 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