Avison Young releases first quarter 2023 Manhattan Office Market Report

Avison Young today released its First Quarter 2023 Office Market Report for New York, showing increases in sublease space and renewals and indicates trophy properties outperforming lower-tier asset classes. According to the report, trophy properties and top tier product continues to receive an outsized share of demand.

Additionally, sublease share of availability has reached 24.3% and the availability rate has been pushed up to 19.7%, signaling opportunities for occupancy. Since year-end 2021, sublease available space increased by over four million-square-feet (msf) while total available space only increased by just under three msf.

“In Manhattan, available sublease space continues to drive overall availability upwards. Despite a slow start to the year, Avison Young sees the demand for top tier product as a positive sign of occupiers prioritizing their workforce and investing back into their teams,” said Dorothy Alpert, Principal and Tri-State President.