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Manhattan Office Sees Best Leasing Volume Since Pandemic Began
Manhattan office leasing activity surged in the third quarter compared with Q2 of this year, as the market registered its strongest performance since the onset of the pandemic, according to CBRE’s Q3 2021 Manhattan market report. Year-to-date leasing volume is running 13% ahead of the year-ago period, CBRE reported.
Q3 Manhattan leasing totaled 5.88 million square feet, up 70% from Q2. Midtown South in particular is well on its way to recovery. However, the Q3 total was still 5% below the five-year quarterly average of 6.16 million square feet.
“While still in the early stages, New York City is showing clear signs of a recovery,” said Nicole LaRusso, senior director of research and analysis for CBRE New York Tri-State. “In fact, new leases and expansions improved for the third consecutive quarter. The 5.88 million sq. ft. of total leasing in Manhattan was the best quarter since Q1 2020.”
- ◦Lease
