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Manhattan Feb Office Leasing Increases 76% YoY
In February 2024, Manhattan’s office leasing volume reached 2.30 million square feet, a 2.1% increase from January and a significant 75.9% increase year-over-year, according to Colliers’ February Manhattan Office Snapshot. Despite being on par with the five-year rolling monthly average, it fell below the pre-pandemic monthly average in 2019.
Major leases included Michael Kors’ 203,000-square-foot renewal, Burlington’s 171,000-square-foot extension, and Betterment’s 113,000-square-foot sublease. The availability rate in Manhattan rose to a record-high of 18.2%, with negative absorption of 1.43 million square feet.
Net sublet availability increased by 0.56 million square feet, the sharpest gain since February 2023. The average asking rent decreased by 0.2% to $74.47/SF, continuing a four-month decline and remaining 6.3% below the March 2020 average.
- ◦Lease
