Manhattan’s office leasing market had a strong third quarter, with leasing activity surging and vacancy rates dropping, according to a new report from Avison Young. Leasing reached 23.1 million square feet, a 25.1% increase from the same period last year. The quarter saw 25 transactions over 100,000 square feet, up from 18 in 2023. Office availability in Manhattan fell to 18.7%, or 4.8 million square feet, the lowest since early 2021 when the pandemic severely impacted the city’s office market.
*Article courtesy of Commerical Observer
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