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Manhattan Q2 Office Market: Scuffling with Record High Availability
Manhattan’s office leasing activity in the second quarter, while higher than the previous one, remained tepid and below historical levels. Sublet availability saw a slight decrease, but direct availability reached a new all-time high, according to Transwestern’s Q2 report.
The quarter also saw negative absorption of office space. However, average asking rents increased by 3% since the previous quarter, reaching the highest figure since late 2020.
The report highlights notable leases, including a 640,000-square-foot lease by the NYC Department of Citywide Administration Services at 110 William Street. Overall, there is a level of uncertainty in the market, as reflected in the record high availability figures and limited office construction. However, the consistent year-over-year quarterly growth in average asking rents provides some positive news.
- ◦Economy
