Leasing activity totaled 5.47 million square feet the third quarter of 2024, 8.0% greater than the five-year quarterly average. Year to date leasing activity is up 32.0% from the prior year.
The availability rate was down 80 basis points from the second quarter of 2024 to 19.3% and was down 50 basis points from a year ago.
The average asking rent across Manhattan in all asset classes was $77.70. This was essentially flat versus the second quarter of 2024, but was up 2.0% year over year.
Although, we are not currently seeing any increase in office usage rates, we expect this to change going forward as more companies implement return to the office policies. For example, Amazon is ending remote work and will require employees to be in the office five days a week by 2025, Apple requires employees to work in the office on Tuesdays, Thursdays, and a day chosen by their team and Google has a return to office mandate.
Armano Estate continues to provide best-in-class corporate real estate services allowing tenants to achieve superior cost savings and incentives.
We are tenant-only and do not represent landlords. Most of our peers represent both tenants and landlords, which leads to conflicts of interest and potentially adverse outcomes. Our baseline cost savings are 25%. But, we most often achieve cost savings in the 35% to 65% range while enhancing space design plans and increasing talent retention and attraction.
We create value for your business by lowering real estate expense and providing cutting edge workplace design solutions allowing for a superior workplace environment. Please see the below video.
It is increasingly important to have a trusted and unconflicted advisor to help navigate the market and create substantial economic value. Please feel free to reach out to us regarding a no-fee lease review or a hybrid office space consultation. We can provide the planning and resources necessary to achieve your corporate real estate goal and vision.
