Manhattan leasing activity totaled 2.39 million sq. ft. in June, 11% above its five-year monthly average of 2.15 million sq. ft. The availability rate was unchanged over the past month and up 50 basis points (bps) from one year ago. Net absorption was 365,000 sq. ft. in June, bringing the year-to-date total to negative 2.04 million sq. ft. The average asking rent was virtually unchanged over the past month and up 5% from June 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 1.24 million sq. ft., 3% below its five-year monthly average of 1.27 million sq. ft. Year-to-date leasing activity is down 31% compared to the same period last year. The availability rate was up 10 bps from last month and 90 bps from one year ago. Net absorption was negative 131,000 sq. ft. in June, bringing the year-to-date total to negative 1.98 million sq. ft. The average asking rent was virtually unchanged over the past month and up 4% from June 2015. Sublease availability was 1.8%, with an average asking rent of $63.45, up 3% year-over-year.

Midtown South – Monthly leasing activity totaled 547,000 sq. ft., 25% above its five-year monthly average of 438,000 sq. ft. Year-to-date leasing activity is down 18% compared to the same period last year. The availability rate fell 20 bps from last month and is up 20 bps from one year ago. Net absorption was 96,000 sq. ft. in June, bringing the year-to-date total to negative 641,000 sq. ft. The average asking rent was virtually unchanged over the past month and is down 2% from June 2015. Sublease availability was 2.1%, with an average asking rent of $53.39, down 12% year-over-year.

Downtown – Monthly leasing activity totaled 610,000 sq. ft., 39% above its five-year monthly average of 438,000 sq. ft. Year-to-date leasing activity is up 1% comparted to the same period last year. The availability rate fell 50 bps from last month and from one year ago. Net absorption was 401,000 sq. ft. in June, bringing the year-to-date total to 574,000 sq. ft. The average asking rent was virtually unchanged over the past month and from the same period last year. Sublease availability was 1.6%, with an average asking rent of $45.31, up 3% 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.