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Manhattan Office Leasing Sees Best Month in Nearly Two Years
At 2.7 million square feet, Manhattan’s monthly leasing activity for October increased by 10.8% since September and was 52.9% higher than the 1.76 million square feet leased one year ago, Colliers reported. This was the strongest month of leasing activity since January 2020.
Manhattan’s year-to-date leasing total (19.03 million square feet) has already surpassed 2020’s full-year volume of 18.97 million square feet, according to Franklin Wallach, Colliers’ senior managing director of research. However, it fell short of the 2019’s YTD total of 33.68 million square feet.
Wallach noted that Manhattan’s availability rate increased in October by 0.2 percentage points to 17.0% after declining in August and September. This was due mainly to the addition of 1.46 million square feet in the under-construction 2 Manhattan West.
The average asking rent increased by 1.3% during October to $73.66 per square foot. This represented Manhattan’s largest monthly increase in two years.
Pictured: 195 Broadway in Lower Manhattan, where Orchard Technologies committed to 107,000 square feet.
- ◦Lease
