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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).