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Manhattan Office Leasing Has Best Month Since Pre-Pandemic
At 3.41 million square feet, Manhattan office leasing volume in August increased by 7.8% over July and by 39.5% year-over-year. This was Manhattan’s strongest monthly leasing total since January 2020, reported Colliers’ Franklin Wallach, executive managing director, research & business development in New York.
CBRE reported 2.93 million square feet of leasing while characterizing August as Manhattan office’s best month since December 2019.
“The strong month of August highlighted the continued improvement of 2022 over 2021 in terms of leasing activity, with year-to-date leasing reaching 16.6 million square feet, a 71% increase from 2021,” said CBRE’s Paul Myers.
Among the Colliers report’s key findings are the following:
- Downtown’s leasing volume in August totaled 0.51 million square feet. This was Lower Manhattan’s strongest month of leasing since July 2021.
- The month’s two largest transactions (KPMG and Freshfields) were relocations from Midtown to new office inventory outside of the Midtown market, with KPMG consolidating from three Midtown locations into 456,000 square feet at Two Manhattan West.
- Manhattan’s availability rate decreased by 0.3 percentage points to 16.7%, the lowest rate since April 2021. Midtown availabilities dropped by 0.4 points to 15.6%, the lowest since December 2020.
- Manhattan’s average asking rent decreased by 0.4% to $75.11 per square foot.
- ◦Lease
