Key Insights

» The data presented here are based on a limited sample of leasing activity as reported to CompStak. Averages may be influenced by sample size and outliers. In addition, location, amenities, size, age, and quality of the space and building all impact prices.

» According to Kastle Systems, NYC office occupancy has hovered around 67.5% in Q1. Based on Placer.ai data published in March, New York and Miami continued to lead in return-to-office numbers, with visits down just 11.4% and 17.3%, respectively, compared to March 2019.

» CBRE reports in Q1 2025 Midtown has seen the strongest recovery among major Manhattan markets with financial services sector driving leasing activity for the 18th consecutive quarter.

» While Cushman & Wakefield reports that Midtown registered an increase in new leasing in Q1 2025, a notable 44.8% increase from Q1 2024 last year and closely aligning with pre-pandemic numbers, Colliers and CBRE both report leasing having decreased since Q4 2024 by 14%.

» According to all three reports, while Manhattan overall asking rents have declined, Midtown’s asking rents have increased with positive absorption.

* Kastle System data does not include all offices in the region, thus occupancy rate may differ from market average.

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Key Insights

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