Manhattan’s office market saw its strongest period of leasing since July 2020 last month according to research from Colliers.
The market saw a 15.2% increase in leasing from June to July of this year, but activity was still 35% below pre-pandemic levels.
The research found that the Midtown South submarket performed the best and was followed by Downtown and Midtown.
Despite this glimmer of hope, the availability rate is still at a record level of 17.1%. Asking rents were also at its lowest numbers since 2017 at $72.72 per square feet. The average asking rent has dropped by 8.5% since the start of the pandemic in March 2020.
