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Manhattan Ranks Third Nationally for Office Market Recovery
Manhattan ranked third among the nation’s 12 largest cities for office market recovery in October with multiple measures of demand for space showing improvement, CBRE reported. The high ranking reflects an increased volume of leasing activity and companies actively searching for new space.
To gauge the pace of recovery, CBRE’s monthly report tracks the three leading indicators of office market activity: tenants-in-the-market (TIM), which quantifies the amount of office space that companies are actively seeking; leasing activity in the form of finalized lease agreements; and sublease availability. Manhattan’s TIM index rose nine points month-over-month.
“There was a notable uptick in firms seeking office space in Manhattan during October, showing the market is gradually coming back to life,” said Nicole LaRusso, CBRE senior director of research & analysis. “The volume of tenants in the market is nearly back to pre-pandemic levels and portends increased leasing activity in the future.”
- ◦Lease
