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Manhattan Office Leasing Sees Highest Volume Since Q3 2022
Manhattan’s office leasing surged by 26.7% to reach 8.23 million square feet, according to Colliers’ most recent quarterly report. This marks the highest quarterly leasing activity since Q3 2022. Notably, nearly one-tenth of the higher demand stemmed from the 766,000 square feet new lease by Paul, Weiss at 1345 Avenue of the Americas
Although the yearly leasing volume fell short of 2022, Manhattan’s demand exceeded 2021 and 2020 figures, reaching 27.25 million square feet. Despite this, the annual total was slightly lower than last year’s 29.11 million square feet.
Although the average asking rent dipped by 0.6% in Q4 2023 to $74.81/SF, Downtown saw an increase while Midtown and Midtown South experienced declines. Availability remained unchanged at 17.9%, aligning with the record-high figure. Sublet availability tightened for the first time in a year, totaling 20.35 million square feet, but still higher than pre-pandemic levels.
- ◦Lease
