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Manhattan Office Leasing Volume Surges in July
Manhattan’s July office leasing activity jumped by 42.8% compared to June and by 34.4% year-over-year, Colliers’ Franklin Wallach reported. This month also saw Manhattan’s strongest monthly leasing total since January 2020, although it was 11.9% below the pre-pandemic average.
July’s largest lease was a 330,000-square-foot renewal by Datadog at the New York Times building, 620 Eighth Ave. Of Manhattan’s three office submarkets, Midtown fared best while Midtown South saw a month-over-month decline of nearly 33%, according to Wallach, executive managing director, research & business development at Colliers.
July saw Manhattan’s availability rate tighten by two percentage points to 17.0% while absorption was positive 1.09 million square feet, the strongest monthly positive absorption since August 2021.
However, Manhattan’s availability has grown by 70.2% since COVID-19 was declared a pandemic in March 2020, to 91.66 million square feet. Average asking rent decreased by 0.2% to $75.43 per square foot in July.
- ◦Lease
