New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Manhattan Office Market Makes “Considerable Strides” in Recovery
The Manhattan office market improved across all measures in September, pointing to a strengthening recovery, according to CBRE’s monthly “Pulse of Office Demand” report. Overall, the 12 largest U.S. office markets achieved the strongest momentum in the month of September since the onset of the pandemic.
CBRE’s analysis ranks Manhattan as the third-strongest city in the pandemic period recovery among the 12 major U.S. office markets, following Boston and Atlanta. It’s based on three metrics: tenants in the market, leasing activity and sublease availability.
“Manhattan made considerable strides with strong gains in demand indicators during September,” said Nicole LaRusso, CBRE senior director of research & analysis. “As the summer’s COVID surge fades into the distance, and vaccination rates continue to climb, we are cautiously optimistic that the improvement in office demand will build through the end of 2021 and into 2022.”
- ◦Lease
