Manhattan Office Leasing Volume for January Doubles from December 2022
At 4.43 million square feet, Manhattan’s office leasing activity for January more than doubled since December 2022, Colliers reported. This was also Manhattan’s strongest month of leasing since December 2019.
January’s leasing velocity was nearly double the 2022 average monthly volume of 2.43 million square feet and was well above the average monthly volume in 2019, 2020 and 2021. The noteworthy increase in Manhattan’s leasing volume for the month was mostly driven by five separate transactions of 250,000-plus square feet, representing 54.0% of total demand.
With 3.16 million square feet, Midtown’s leasing activity nearly tripled since December and was Midtown’s strongest month of demand since July 2018. More than one-third of that total was driven by the Fox Corporation and News Corp extensions at 1211 Ave. of the Americas (666,000 square feet and 486,000 square feet, respectively).
Despite the increase in demand, Manhattan’s availability was unchanged from December at 16.9%.