Leasing activity is up in the Manhattan real estate market while prices declined, according to a new study by Colliers International.

Leasing activity was up to 2.39 million square feet for office space in all of Manhattan in July, a fivefold increase from .42 in June and marking the strongest month for the indicator since January. At the same time, the borough's availability rate rose to 11% from 10.6% in June, while average asking rent dropped: in July, the average asking rent for all of Manhattan was $79 per square foot per year, down from $79.32 in June but still above July 2019′s rate of $78.40 per square foot per year.

Colliers attributed some of the bump in leasing activity to eight separate leases that were each more than 100,000 square feet — among them NBCUniversal Media's 339,833 square foot lease renewal at 1221 Avenue of the Americas; BNB Paribas's 322,586 square foot lease renewal at 787 Seventh Avenue; American International Group (AIG)'s new, 217,638 square foot lease at 28 Liberty Street; Goodwin Procter's 216,419 square foot lease renewal and expansion 620 8th Avenue; and Strook & Strook & Lavan's 191,634 square foot lease renewal at 180 Maiden Lane.