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Manhattan Office Leasing Posts 56% Monthly Gain
Midtown was the only one of Manhattan’s three office submarkets to register a year-over-year decline in leasing volume during May, Colliers reported. However, like Midtown South and Downtown, it was up from April levels—by 54.2% in the case of Midtown. Volume rose 56.1% across Manhattan.
The largest May lease signed in Midtown during May was a 51,843-square-foot sublease by the South African Consulate at 845 Third Ave. However, May also saw Midtown’s availability rate rise for the 13th consecutive month.
Downtown’s monthly leasing volume for May was nearly triple that of April. The submarket also saw the month’s two largest office leases: the SEC at 200 Vesey St. with 302,525 square feet, and Fiserv at 1 Broadway with 94,061 square feet.
In Midtown South, leasing activity increased 46% year-over-year. May’s total of 467,712 square feet also represented the third consecutive monthly increase in volume for Midtown South, reported Colliers.
- ◦Lease
