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Manhattan Office Availabilities Reach Highest Level in At Least Three Decades
Manhattan office availabilities hit a peak going back at least three decades in the first quarter, according to Q1 reports issued Thursday by Colliers’ Franklin Wallach, Newmark’s Jonathan Mazur and Stephanie Jennings and Savills’ Danny Mangru.
Although the three reports used somewhat different yardsticks and therefore produced slightly different numbers, they’re in broad agreement on the major trends. Quarterly leasing volume was considerably below average, while upwards of 3.4 million square feet of sublease inventory came to market.
“One year into the pandemic, Manhattan’s available supply continued to outpace tenant demand with measurable downward pressure on pricing,” said Wallach, senior managing director of research | New York at Colliers. “However, two critical events took place during this period that will be paramount to Manhattan’s long-term recovery, as more than one-fourth of New York City’s residents have been at least partially vaccinated and the MTA received $6.5 billion in funding from the American Rescue Plan.”
- ◦Lease
