Manhattan’s office market gained momentum in August, with leasing activity climbing more than 20% from July to reach 3.7 million square feet, according to new data from Colliers. The figure also surpassed the 10-year monthly average of 2.72 million square feet, signaling a stronger-than-expected rebound in demand.
If this pace continues through the remainder of 2025, total leasing volume could top 40 million square feet for the first time since 2019. Historically, Manhattan has averaged between 32 million and 33 million square feet annually over the last quarter century.
In 2024, leasing activity returned to that long-term average for the first time since the pandemic disrupted the market in 2020, laying the groundwork for the current surge.
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