Manhattan office asking rents return to pre-pandemic levels

Key facts

Average asking rent

$79.47 per square foot (Manhattan office, 10/2026)

Monthly change

Up 1.4 percent from 09/2026, the sharpest monthly rise since 08/2019

Yearly change

Up 5.7 percent year over year

Leasing in the month

4.54 million square feet, up 54.1 percent from the prior month

Leasing year to date

37.39 million square feet

Availability rate

12.3 percent, lowest since 08/2020

Sublet supply

Lowest since 08/2019, down 16.2 percent from a year earlier

Source

Colliers Manhattan office report, as reported by The Real Deal on 11/02/2026

What it means

The highlights

1. Average asking rent hit $79.47 per square foot, up 5.7% year over year.
2. Tenants signed 4.54 million sq ft last month, up 54.1% from the month before.
3. Availability fell to 12.3%, lowest since 2020. Sublet supply is down 16.2% in a year.

Why it matters Landlords

Office demand in Manhattan is back to pre-pandemic levels, which matters to owners of commercial and mixed-use space.

Not known yet

• What the largest office lease of the month was
• How asking rents compare with rents actually signed after concessions
• Whether these figures are adjusted for inflation
• Whether the office market trend will affect residential rents or housing supply in the city

Background

Office market reports usually track asking rents, which are the rents landlords advertise. Final deals can differ once concessions like free rent or build-out allowances are counted. Commercial leases in New York City are generally negotiated between the parties and are not covered by the rent stabilization rules that apply to many apartments.