In 2025, Manhattan’s office market marked a clear return to pre-pandemic levels, closing the year with its strongest quarter since 2019. Nearly 12 million square feet were leased in Q4 alone, bringing annual leasing activity to around 42 million square feet, the highest volume in six years.

Availability declined for the seventh consecutive quarter, sublease space fell to pre-pandemic lows, and asking rents began to rise.

(source: The Real Deal, picture: Fung Martin)