房地产 -曼哈顿中城南办公室数据2025年12月 Manhattan Midtown South Office Figures December 2025

CBRE

FIGURES|MIDTOWNSOUTHMANHATTANOFFICE|DECEMBER2025

Monthlyleasingactivitysurpassedthefive-

yearmonthlyaverageby77%

0.76M

LeasingActivity

0.41M

NetAbsorption

19.2%

AvailabilityRate

Note:Arrowsindicatechangefrompreviousmonth.

QUICKFACTS

-Leasingactivitytotaled759,000sq.ft.inNovember,77%abovethefive-yearmonthlyaverageof429,000sq.ft.

-Year-to-dateleasingactivityamountedto7.20millionsq.ft.,up69%fromtheprioryear.

-Renewalstotaled127,000sq.ft.inNovember,bringingtheyear-to-datetotalto1.03millionsq.ft.

-Theavailabilityratewasdown50basispoints(bps)fromlastmonthto19.2%andwasdown370bpsfromayearago.

-Netabsorptionwaspositive406,000sq.ft.inNovember,bringingtheyear-to-datetotalto2.96millionsq.ft.

-At$85.06persq.ft.,theaverageaskingrentwasessentiallyflatmonth-over-monthbutup2%year-over-year.

-Thesubleaseavailabilityratewasdown10bpsfromlastmonthto2.5%,withtheaverageaskingrentup14%fromoneyearagoto$67.86persq.ft.

16.8%

VacancyRate

$85.06

AverageAskingRent

FIGURE1:TopLeaseTransactionsforNovember2025

Size

(Sq.Ft.)

Deal

Type

Direct/

Sublet

Tenant

Address

162,300

L

D

BaruchCollege

63MadisonAvenue

138,611

L

D

M

225ParkAvenueSouth

87,528

R

D

Anheuser-BuschInBev

N.V./S.A.

119West24thStreet

50,017

L

D

Cadent

2ParkAvenue

27,238

L

D

Legora

836Broadway

Source:CBREResearch,December2025.Lease(L),Renewal(R),Expansion(E),RenewalandExpansion(RE),Direct(D),Sublet(S).

1CBRERESEARCH©2025CBRE,INC.

FIGURES|MIDTOWNSOUTHMANHATTANOFFICE|DECEMBER2025

2CBRERESEARCH©2025CBRE,INC.

FIGURE2:MidtownSouthMarketActivity

Nov.2025Oct.2025Nov.2024YTD2024YTD2025

LeasingActivity

0.76MSF

0.67MSF

0.17MSF

4.26MSF

7.20MSF

Renewals

0.13MSF

0.07MSF

0.12MSF

1.30MSF

1.03MSF

Absorption

0.41MSF

(0.08)MSF

(0.12)MSF

(0.12)MSF

2.96MSF

AvailabilityRate

19.2%

19.7%

22.9%

VacancyRate

16.8%

17.4%

18.8%

AverageAskingRent

$85.06PSF

$84.55PSF

$83.47PSF

TakingRentIndex

93.1%

92.9%

91.7%

Source:CBREResearch,December2025.

MajorNewAvailabilities

-64,000sq.ft.ofdirectspaceat503Broadway

-27,000sq.ft.ofdirectspaceat300ParkAvenueSouth

-13,000sq.ft.ofVidMobsubletspaceat130FifthAvenue

-13,000sq.ft.ofdirectspaceat115West18thStreet

-12,000sq.ft.ofGarnerHealthsubletspaceat148LafayetteStreet

Submarket

Total

Size(MSF)

No.of

Buildings

1

Chelsea

18.3

78

2

Flatiron

12.2

73

3

ParkAvenueS./MadisonSq.

19.3

57

4

UnionSq.

5.7

38

5

NoHo/SoHo/LowerEastSide

9.1

67

6HudsonSq./Tribeca18.136

TOTALINVENTORY82.5349

FIGURES|MIDTOWNSOUTHMANHATTANOFFICE|DECEMBER2025

Definitions

Availability:Spacethatisbeingactivelymarketedandisavailablefortenantbuild-outwithin12months.Includesspaceavailableforsubleaseaswellasspaceinbuildingsunderconstruction.

AskingRent:Weightedaverageaskingrent.

ConcessionValues:ThecombinationofrentabatementandT.I.allowance.Thegraphisfornewleasesforrawspaceof25,000sq.ft.orgreaterconsummatedyear-to-date,thisexcludesexpansionandrenewaldeals.

LeasingActivity:Totalamountofsq.ft.leasedwithinaspecifiedperiodoftime,includingnewdeals,expansions,andpre-leasing,butexcludingrenewals.

LeasingVelocity:Totalamountofsq.ft.leasedwithinaspecifiedperiodoftime,includingnewdeals,expansions,andpre-leasingandrenewals.

NetAbsorption:Thechangeintheamountofcommittedsq.ft.withinaspecifiedperiodoftime,asmeasuredbythechangeinavailablesq.ft.

RentAbatement:Thetimebetweenleasecommencementandrentcommencement.

TakingRent:Actual,initialbaserentinaleaseagreement.

TakingRentIndex:Initialtakingrentsasapercentageofaskingrents.

Definitions

T.I.:Tenantimprovements.

Vacancy:Unoccupiedspaceavailableforlease.

PercentageofLeasingbyIndustry:Thepercentageofsq.ft.leasedbyanindustrybasedontransactionswhereatenantandindustryhavebeenconfirmed.

SurveyCriteria

CBRE’smarketreportanalyzesfullymodernizedofficebuildingsthattotal20,000+sq.ft.inMidtownSouth,

includingowner-occupiedbuildings(exceptthoseownedandoccupiedbyagovernmentorgovernmentagency).Newconstructionmustbeavailablefortenantbuild-outwithin12months.CBREassemblesallinformationthroughtelephonecanvassingandlistingsreceivedfromowners,tenantsandmembersofthecommercialrealestate

brokeragecommunity.

Contacts

MichaelSlattery

Tri-StateResearchD