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Manhattan Office Leasing had the Strongest Month of 2023, Demand Remains Subdued 

Manhattan’s office leasing activity had its strongest month of the year in July, rising over 20% to 2.3 million square feet. However, demand remains subdued compared to pre-pandemic levels, according to Colliers’ July market report. 

The Financial District’s robust performance was largely attributed to a single large lease at 110 William Street, while Midtown saw a 20% drop in leasing volume since June and over 50% year-over-year.  

Despite the improvement, Manhattan’s office availability stands near 18%, significantly above the pre-pandemic benchmark of 10%. Average asking rent remained steady at $75 per square foot, 5% below March 2020 levels. Landlords offering tenant incentives have helped stabilize rents, but sustained demand surpassing supply is needed for market normalization. 


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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

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