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Manhattan Office Leasing Drops 40% Month-Over-Month and Year-Over-Year
At 1.59 million square feet, Manhattan’s October office leasing activity dropped by 40% from September levels and by 41% year-over-year, Colliers reported. This was also Manhattan’s lowest monthly total since May 2021.
Although October’s leasing velocity matched 2020’s average monthly volume, it was well below 2021’s average of 2.08 million square feet. However, year-to-date volume totaled 25.77 million square feet, up 35.4% over the comparable period in 2021.
Manhattan’s availability rate increased by 0.4 percentage points to 16.8%, the sharpest monthly gain since December 2021. In addition, absorption was negative at 1.97 million square feet while available supply has grown by 68.2% since March 2020 to 90.58 million square feet.
Net sublet availability grew by 0.45 million square feet in October to 20.51 million square feet. While 3% below the pandemic peak of 21.16 million square feet in July 2021, total sublet inventory has grown by 10.5% since year-end 2021.
- ◦Lease
