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...
by Joseph Armano | Jun 13, 2023 | Newsletter
Office tenants have a new question for landlords these days, “Who’s your lender?†Turmoil in the U.S. office market, which has triggered missed loan payments and foreclosure warnings, has meant prospective tenants are...
by Joseph Armano | Apr 11, 2023 | Newsletter
Armano Real Estate April 2023 Newsletter Manhattan leasing activity increased in Q1 2023 by 32.5% versus the prior quarter according to market sources. However, activity remained 9.0% below the five-year average. Available sublet space climbed to a...
by Joseph Armano | Jan 30, 2023 | Newsletter
Armano Real Estate February 2023 Newsletter Overall market conditions for Manhattan were soft for the fourth quarter of 2022. Leasing activity declined 39.4% versus the prior quarter and 40.5% on a year over year basis. Overall availability rose 80 basis...
