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Manhattan Office Leasing Declines Month-Over-Month and Year-Over-Year
Manhattan’s November office leasing activity dropped by 7.0% since October and by more than 50.0% year-over-year, reported Colliers. The tally of 1.48 million square feet represented Manhattan’s lowest monthly leasing total since April 2021.
The month’s largest leasing deal was Jay Suites’ 60,000-square-foot commitment at 159 W. 25th St. in Midtown South. Midtown was the only submarket to show an increase over October leasing volume, and its largest deals were a pair of 50,000-square-foot transactions for PJT Partners and Anchin, Block & Anchin at 280 Park Ave. and 3 Times Square, respectively.
Manhattan’s availability rate increased – for the second consecutive month – by 0.2 percentage points to 17.0% while absorption was negative at 1.36 million square feet, according to Colliers. Sublet availability grew by 0.22 million square feet in November to 20.74 million square feet. The total sublet inventory has grown by 11.7% since year-end 2021.
- ◦Lease
