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New York & Tri-State  + Midtown New York  + Office  |  January 5, 2023
Manhattan office leasing declined by as much as 46.5% in the fourth quarter from Q3 levels, according to brokerage reports
Paul Bubny
By: Paul Bubny

Manhattan Office Leasing Volume Takes Steep Plunge in Q4

The news for Manhattan office landlords was comparatively bleak in the fourth quarter of 2022, according to Q4 reports from Newmark, Colliers and Savills. All three brokerages reported a disappointing end to what had previously been a strong year. 

Newmark reported Q4 volume of 5.9 million square feet, off 42.5% from Q3 for the lowest quarterly total in seven quarters. Colliers reported a quarterly drop of 46.5% and said demand was 37.4% below the five-year rolling average. Savills said that despite a 39.3% decrease in square footage from Q3, the leasing total for 2022 was 18.6% above 2021. 

The quarter’s bright spot was the Class A market, which saw KKR expand at 30 Hudson Yards and Fox and News Corp. renew for a total of nearly 1.2 million square feet at 1211 Ave. of the Americas. Newmark noted that Class A deals accounted for 69.7% of the total for 2022. 

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Newmark in Midtown ManhattanColliers Tri-StateSavills New York

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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