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Colliers: Manhattan Office Leasing Volume Continues to Drop in April
In April, the leasing volume in Manhattan decreased by 7.7% from the prior month and 43.9% from the previous year, according to Colliers’ April Manhattan Office Report. The drop in demand increased the availability rate by 0.3 percentage points to 17.4%, which matches the record high from February 2022.
The negative absorption during the month was 1.35 million square feet, and the available supply increased by 74.5% since March 2020 to a record high of 93.95 million square feet. The net sublet availability decreased by 0.69 million square feet in April to 21.41 million square feet, which was the first monthly decrease since December 2022. However, the total sublet inventory grew by 8.5% year-over-year and 79.9% since March 2020.
The average asking rent in Manhattan expanded by 1.0% during the month to $75.13/SF, but it was still 5.5% below the March 2020 average of $79.47/SF.
- ◦Lease
