Manhattan Office Availabilities Reach Highest Level in At Least Three Decades
Manhattan office availabilities hit a peak going back at least three decades in the first quarter, according to Q1 reports issued Thursday by Colliers’ Franklin Wallach, Newmark’s Jonathan Mazur and Stephanie Jennings and Savills’ Danny Mangru.
Although the three reports used somewhat different yardsticks and therefore produced slightly different numbers, they’re in broad agreement on the major trends. Quarterly leasing volume was considerably below average, while upwards of 3.4 million square feet of sublease inventory came to market.
“One year into the pandemic, Manhattan’s available supply continued to outpace tenant demand with measurable downward pressure on pricing,” said Wallach, senior managing director of research | New York at Colliers. “However, two critical events took place during this period that will be paramount to Manhattan’s long-term recovery, as more than one-fourth of New York City’s residents have been at least partially vaccinated and the MTA received $6.5 billion in funding from the American Rescue Plan.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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