Manhattan Office Leasing Jumps as Availability and Rents Drop

Manhattan Office Leasing Jumps as Availability and Rents Drop

Despite continued uncertainty about workers returning to their desks, Manhattan’s office market appears to be gaining momentum.

Office leasing volume surged in the third quarter as the borough’s availability rate dropped to its lowest level in 18 months, according to a report from Colliers.

Tenants leased 9.2 million square feet in the quarter, up 26 percent from the previous quarter and 28 percent from the same period last year. Financial services, insurance, and real estate tenants were the top-leasing industries during the quarter, accounting for 47 percent of the square footage leased.

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