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Q1 Breaks Four-Quarter Streak of Gains in Manhattan Office Leasing  

After four consecutive quarterly increases, Manhattan leasing volume decreased by 11.6% in the first quarter, according to Colliers’ most recent quarterly report.1However, a decrease in leasing activity between Q4 and Q1 is not unheard of, and in fact seven of the past 10 Q4-Q1 periods have seen declines. 

At 7.62 million square feet–the second strongest quarter of activity during the pandemic –Q1 2022 leasing volume was 67.5% higher year over year. Yet, Q1 2022 demand was 7.1% below Manhattan’s five-year rolling average.  

The first quarter demonstrated the early but uneven signs of recovery in Manhattan,” said Franklin Wallach, executive managing director of research & business development | New York at Colliers. “Overall, leasing activity was vastly stronger compared to early-2021. But tenant-favored market conditions will remain until demand reaches the inflection point being able to absorb the nearly 40 million square feet of space added over the past two years.” 

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Inside The Story

Colliers' Wallach

About Paul Bubny

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).

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