by Joseph Armano | Apr 19, 2024 | Newsletter
Manhattan office leasing first quarter 2024 volume declined by 6.6% versus first quarter 2023 and 22.9% last quarter. The overall availability rate increased sixty basis points from a quarter ago to 20.1%, representing a new post pandemic peak for the market. Average...
by Joseph Armano | Mar 17, 2024 | Newsletter
Mayor Eric Adams and his administration are facilitating the conversion of New York’s unused office buildings into much-needed housing. Forty-six buildings are currently enrolled in the city’s Office Conversion Accelerator...
by Joseph Armano | Jan 17, 2024 | Newsletter
Manhattan leasing volume increased to 8.9 million square in the fourth quarter 2023, the highest mark in five quarters according to market sources. Leasing totaled 29.4 million square feet for the full year 2023, 4.7% lower than the 2022 total. The availability rate...
by Joseph Armano | Nov 29, 2023 | Newsletter
October 2023 leasing activity totaled 1.96 million square feet of space, 8% ahead of the 5-year average according to market sources. The availability rate was flat from last month at 19.8% but it was up 50 basis points from a year ago. The average asking rent was...
by Joseph Armano | Oct 17, 2023 | Newsletter
Manhattan office leasing totaled 6.3 million RSF (rentable square feet) in Q3 2023, 31% lower than Q2 2022 according to market sources. 2023 leasing is expected to be lower for full-year 2023 versus 2022. The overall availability rate fell 10 basis points from last...
by Joseph Armano | Aug 29, 2023 | Newsletter
Manhattan’s office leasing market remains weak. Second quarter activity was 25.2% below pre-pandemic (2105-2019) averages. Leasing in the first half of 2023 fell 12.1% from the first half of 2022. The overall availability rate increased 20 basis...
