
Manhattan Office Availability Falls to Six-Year Low as 2026 Leasing Volume Tracks Toward a Level Not Seen Since 2000
Manhattan’s commercial office market absorbed 3.87 million square feet of space in July 2026, pushing year-to-date leasing volume to 26.66 million square feet and putting the borough on pace for its strongest annual total in more than a quarter century, according to Colliers’ latest monthly report released August 3. Available office inventory dropped to 66.24 million square feet, the lowest level since September 2020, while sublease supply hit a mark not seen since August 2019. For investors, landlords, and corporate tenants tracking the trajectory of one of the world’s most closely watched commercial real estate markets, the data points to a structural tightening that has moved well past early-stage recovery. July leasing velocity rose 22% over June and 28.4% year-over-year, led by commitments from Anthropic, NBCUniversal, and Aon. Available office space has declined 32% from the post-pandemic peak of 98 million square feet in February 2024, compressing at a rate that has accelerated in each of the past three quarters. Sublease inventory shrank by 700,000 square feet in a single month, removing a pricing lever that tenants used to negotiate below-market deals during the 2021 to 2024 recovery period. Average asking rents reached $78.03 per square foot, within 1.8% of













































