Manhattan leasing activity increased by 18.6% to reach 1.90 million square feet in January, hitting its highest mark since July 2020.
The good news ends there, though. Leasing volume was down 47% compared to January 2020 and well below the pre-pandemic average monthly volume in 2019 (3.58 million square feet), according to Colliers International.
For the eighth consecutive month, the availability rate increased in Manhattan, according to Colliers. It rose 0.6 percentage points to a record-high 14.9%. Net sublet availability saw its smallest monthly increase in sublet supply since June 2020, only rising by 0.45 million square feet. Monthly absorption in Manhattan was negative at 2.85 million square feet.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
