Manhattan leasing activity totaled 1.40 million sq. ft. in May, 36% below its five-year monthly average of 2.18 million sq. ft. The availability rate was unchanged over the past month and up 40 basis points (bps) from one year ago. Net absorption was negative 371,000 sq. ft. in May, bringing the year-to-date total to negative 2.41 million sq. ft. The average asking rent was virtually unchanged over the past month and up 6% from May 2015. Sublease availability was 1.8%, unchanged over the past month and from one year ago.

Among the report’s highlights:

Midtown – Monthly leasing activity totaled 957,000 sq. ft., 26% below its five-year monthly average of 1.30 million sq. ft. Year-to-date leasing activity is down 34% compared to the same period last year. The availability rate was unchanged from last month and up 80 bps from one year ago. Net absorption was negative 111,000 sq. ft. in May, bringing the year-to-date total to negative 1.85 million sq. ft. The average asking rent was virtually unchanged over the past month and up 5% from May 2015. Sublease availability was 1.8%, with an average asking rent of $63.88, up 5% year-over-year.

Midtown South – Monthly leasing activity totaled 221,000 sq. ft., 49% below its five-year monthly average of 436,000 sq. ft. Year-to-date leasing activity is down 17% compared to the same period last year. The availability rate increased 10 bps and is unchanged from one year ago. Net absorption was negative 71,000 sq. ft. in May, bringing the year-to-date total to negative 737,000 sq. ft. The average asking rent was virtually unchanged over the past month and up 2% from May 2015. Sublease availability was 2.2%, with an average asking rent of $52.93, down 14% year-over-year.

Downtown – Monthly leasing activity totaled 221,000 sq. ft., 51% below its five-year monthly average of 452,000 sq. ft. Year-to-date leasing activity is down 12% compared to the same period last year. The availability rate increased 20 bps, but is down 30 bps from one year ago. Net absorption was negative 190,000 sq. ft. in May, bringing the year-to-date total to a positive 173,000 sq. ft. The average asking rent was virtually unchanged over the past month and up slightly from the same period last year. Sublease availability was 1.6%, with an average asking rent of $46.44, up 6% year-over-year.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.