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Manhattan Office Availability Rate Ticks Downward as Q2 Ends
Manhattan second-quarter office leasing volume was virtually unchanged, quarter-over-quarter, according to Colliers. At 4.55 million square feet, Q2 2021 leasing volume was 43% higher than in the year-ago period, but was 44.9% below the rolling five-year average, reported Franklin Wallach, senior managing director, research at Colliers.
Year over year, the Q2 availability rate grew by 0.9 percentage points to 17.0%. However, Q2 ended with the availability rate down slightly from the record-high 17.1% reached in May, representing the first month-over-month decrease since the pandemic began.
Similarly, leasing volume for the first half of 2021 was marginally higher at 9.11 million square feet than the H2 2020’s 8.97 million square feet. However, if the current pace were maintained, 2021’s full-year total would fall below 2020’s record-low 18.97 million square feet.
On a brighter note, Wallach noted that New York City’s record-high unemployment rate of 20.2% has declined by more than half.
- ◦Lease
