Cresa | Manhattan Office Market Report: Leasing Activity and Rent Trends for Q2 2026

HIGHLIGHTS

» Availability continued to tighten, falling 50 basis points (bps) quarterover-quarter to a six-year low of 15.0%.
» Leasing activity totaled 10.8 million square feet (msf) in Q2 2026, down 6.8% from the prior quarter. Despite the quarterly decline, first-half transaction volume reached its highest level since 2014.
» Legal services led Q2 leasing activity, accounting for 29.8% of total volume.
» Simpson Thacher’s commitment to the full office component at 570 Fifth Avenue, following American Express’s 2.0-million-square-foot commitment at 2 World Trade Center in Q1, reinforced strong tenant demand for new product.
» All three major markets recorded availability declines, led by Midtown South, which fell 110 bps to 16.4%. Downtown declined 70 bps to 17.4%, while Midtown edged down 10 bps to 13.9%.

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