Key NYC office statistics

1. Manhattan’s overall office vacancy fell 70 basis points in Q3 2026 to 18.6%, the lowest level since Q2 2021 and the ninth consecutive quarterly decline. (Source: Cushman & Wakefield, Manhattan Office MarketBeat, Q3 2026)
2. Manhattan recorded 6.2 million sq ft of new leasing in Q3 2026, down 23.8% quarter over quarter. (Source: Cushman & Wakefield, Q3 2026)
3. Manhattan’s overall asking rent rose $1.53 per sq ft in Q3 2026 to $74.37, the highest level since May 2019. (Source: Cushman & Wakefield, Q3 2026)
4. Developers planned to begin construction on 9.5 million sq ft of office-to-residential conversions in 2026, more than twice the prior year’s pace. (Source: Cushman & Wakefield data, reported by Bisnow, December 2025 forecast)

Vacancy: two measures

Two respected data providers report Manhattan vacancy for the same quarter, and their figures are far apart. They use different data and methods, so quote each number with its source and do not average them.

1. Yardi Research puts Manhattan’s vacancy 60 basis points lower in Q3 than in Q2, and 760 basis points below the 17.8% national benchmark. (Source: Yardi Research, via PropertyShark, Q3 2026)
2. Brooklyn’s vacancy fell to 10.3% in Q3 2026, on the same Yardi Research measure. (Source: Yardi Research, via PropertyShark, Q3 2026)

Leasing and absorption

Leasing and absorption show how much space is actually being taken. Cushman & Wakefield reports both quarterly and year-to-date totals.

1. Overall absorption has been positive for five consecutive quarters, bringing year-to-date absorption to 5.4 million sq ft. (Source: Cushman & Wakefield, Q3 2026)
2. Renewal leasing rose 37.9% quarter over quarter to 2.9 million sq ft in Q3 2026. (Source: Cushman & Wakefield, Q3 2026)
3. Year-to-date new and renewal leasing totaled 32.6 million sq ft through Q3 2026. (Source: Cushman & Wakefield, Q3 2026)
4. Manhattan private office desks were listed at an average of $891 per month, up 8.4% quarter over quarter; Midtown rose 12.2%, to $892. (Source: Hubble listing data, via PropertyShark, Q3 2026)

Asking rents

Asking rents differ by source, so compare each figure only against others from the same firm.

1. Manhattan overall asking rents held at $72.03 per sq ft, flat quarter over quarter, on the Yardi Research measure. (Source: Yardi Research, via PropertyShark, Q3 2026)
2. The national average asking rent fell 1.5% to $33.18 per sq ft in Q3 2026. (Source: Yardi Research, via PropertyShark, Q3 2026)
3. The Plaza District remained New York City’s most expensive office submarket, at $105.95 per sq ft. (Source: Yardi Research, via PropertyShark, Q3 2026)

Office-to-residential conversions

Converting older office buildings into apartments is one of the biggest changes in the Manhattan market. These figures are forecasts or tallies from December 2025, so check them against current data before quoting them as final.

1. About 2,000 rental units and 317 condos were expected to come to market from conversions of offices, hotels and industrial buildings in 2026. (Source: Corcoran Sunshine Marketing Group, via Bisnow, December 2025)
2. The 2027 pipeline is larger: 5,240 rentals and 427 condos. (Source: Corcoran Sunshine Marketing Group, via Bisnow, December 2025)
3. The 467-m tax abatement was becoming less lucrative from summer 2026, which Bisnow identified as a factor in how long the conversion boom lasts. (Source: Bisnow, December 2025)

Sources

Every figure above is attributed to one of these organizations or publications:

1. Cushman & Wakefield
2. Yardi Research
3. Hubble
4. PropertyShark
5. Bisnow
6. Corcoran Sunshine Marketing Group