Future of work newsletter free subscription Future of work newsletter free subscription Future of work newsletter free subscription
  • Marketplace
  • Resources
  • Business Directory
  • Events
  • Advertise
  • Brand Pulse
  • Publish a Press Release
  • Get the Newsletter
  • Contact
  • About Us
The FUTURE OF WORK® since 2003
Allwork.Space
No Result
View All Result
Subscribe
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
No Result
View All Result
Subscribe
Allwork.Space
No Result
View All Result
Advertisements
Maximize Flexible Space Revenue
Home News CRE

Manhattan Office Demand Is Falling, New Construction Could Increase Availability

According to new data from Colliers, office leasing activity fell 7% from October and 50% from November 2021, indicating cooling demand.

Aayat AlibyAayat Ali
December 2, 2022
in CRE
Reading Time: 2 mins read
A A
Manhattan Office Demand Is Falling, New Construction Could Increase Availability

More stories for you

Trophy Assets Drive 69% Surge In U.S. Office Market Sales

Trophy Assets Drive 69% Surge In U.S. Office Market Sales

4 days ago
Ireland’s Commercial Property Market Surges 39%

Ireland’s Commercial Property Market Surges 39%

4 days ago
Coworking Explodes Across EMEA, Tripling In Size As Hybrid Work Reshapes Office Demand

Coworking Explodes Across EMEA, Tripling In Size As Hybrid Work Reshapes Office Demand

1 week ago
U.S. Office Vacancy Hits 20.6% Despite Return-to-Work Push

U.S. Office Vacancy Hits 20.6% Despite Return-to-Work Push

1 week ago

Office leasing usually sees an uptick in growth during this time of year, but a new report shows that Manhattan’s activity has fallen to its lowest level since April of 2021. 

According to new data from Colliers, office leasing activity fell 7% from October and 50% from November 2021, indicating cooling demand. 

Advertisements
Nexudus - Tech Stack Lovers

“The available supply increased with blocks of sublet space, new construction/major renovation and soon-to-be vacant blocks of space continuing to enter the market, leading to record-high availability in Midtown South and Downtown,” said Franklin Wallach, executive managing director at Colliers.  

Coworking firm Jay Suites signed the largest deal of the month, albeit on the lower end of averages, for a 60,000 square foot location on West 25th Street. 

The slowdown comes at a time when tech firms, among some of the largest tenants in Manhattan, are pulling back on their office space to moderate expenses. For instance, Meta recently declined to renew leases on two properties that are set to expire in 2024. 

Advertisements
Nexudus - Tech Stack Lovers

According to Wallach, new construction will continue to come onto the market and widen the gap between demand and availability. 

“More new construction/major renovations are scheduled for delivery in the coming quarters along with millions of square feet of upcoming vacancies due to committed tenant relocations,” said Wallach.

Advertisements
Subscribe to the Future of Work Newsletter
Source: Bisnow
Tags: CRE
Share6Tweet4Share1
Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

Other Stories Recommended For You

Trophy Assets Drive 69% Surge In U.S. Office Market Sales
News

Trophy Assets Drive 69% Surge In U.S. Office Market Sales

byAllwork.Space News Team
4 days ago

U.S. office sales have seen a sharp rebound, with total transactions hitting $40.8 billion over the past year, a 69%...

Read more
Ireland’s Commercial Property Market Surges 39%

Ireland’s Commercial Property Market Surges 39%

4 days ago
Coworking Explodes Across EMEA, Tripling In Size As Hybrid Work Reshapes Office Demand

Coworking Explodes Across EMEA, Tripling In Size As Hybrid Work Reshapes Office Demand

1 week ago
U.S. Office Vacancy Hits 20.6% Despite Return-to-Work Push

U.S. Office Vacancy Hits 20.6% Despite Return-to-Work Push

1 week ago
Advertisements
Maximize Flexible Space Revenue
Advertisements
Workspaces Run Better On UltraSoftBIS

Unlock your competitive edge in tomorrow's workplace.

Join a community of forward-thinking professionals who get exclusive access to the latest news, trends, and innovations that are shaping the future of work.

©2024 Allwork.Space News Corporation. All Rights Reserved.

Exploring the Future Of Work® since 2003.

Advertise   Newsletters   Privacy Policy   Terms Of Use   About Us   Contact   Submit a Press Release   Brand Pulse   Podcast   Events   

No Result
View All Result
  • Home
  • Latest News
  • Topics
    • Business
    • Leadership
    • Work-life
    • Workforce
    • Career Growth
    • Design
    • Tech
    • Coworking
    • Marketing
    • CRE
  • Podcast
  • Events
  • About Us
  • Solutions
    • Advertise | Media Kit
    • Publish a Press Release
    • Brand Pulse
Subscribe

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00