Midtown South Fares Best as Manhattan Office Leasing Ebbs in May
Midtown South fared best and Midtown worst in office leasing for May, Colliers reported. At 2.45 million square feet for the month, Manhattan’s monthly leasing activity decreased by 8.2% since April. However, demand grew by 60.0% year-over-year.
Although May’s leasing velocity surpassed the 2020 (1.58 million square feet) and 2021 (2.08 million square feet) average monthly volume, it was nearly one-third below the 2019 pre-pandemic average (3.58 million square feet), said Colliers.
HSBC’s 264,000-square-foot new lease at 66 Hudson Blvd. and Macquarie’s 222,000-square-foot new lease at 660 Fifth Ave. were the largest transactions in Manhattan during the month of May.
Manhattan’s availability rate tightened by 0.1 percentage points to 17.2% while absorption was positive 0.33 million square feet, reported Colliers. Despite the tighter supply in May, overall availability grew by 72.5% since COVID-19 was declared a pandemic in March 2020 to 92.91 million square feet.
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).