Starr Cos.’ 275K SF lease at 343 Madison Ave., signed just before the holidays, also topped 2024's high-water mark. The deal allowed BXP to move forward with construction of its $2B, 930K SF office tower, which isn’t expected to be completed until 2029. Manhattan ended the year with more than 32M SF of office leases inked, up 37% from 2024, according to CBRE. Overall, Manhattan's office vacancy rate is now below 13%, with asking rents averaging $77.89 per SF, according to CBRE. The availability rate there is down to 7.6%, making it the tightest office market in the city, according to CBRE.