Manhattan’s Office Market Sees Glimmer Of Hope

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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.

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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.

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