Market Trends & Demand - Manhattan office leasing increased over 20% in August compared to July and exceeded the 10-year monthly average [1] - If demand continues at the current pace, Manhattan's yearly volume could surpass 40 million square feet for the first time since 2019 [2] - Tech sector, especially Amazon, has leased, subleased, or agreed with co-working spaces for over 1 million square feet since November of last year [3] - Legal sector leased over 4 million square feet in 2023, exceeding 2019 levels [3] Supply & Availability - Newer office space availability rate dropped to 6.7%, while pre-war buildings' rate is at 17% [4] - Collier's tracked nearly 9 million square feet of office space removed from the Manhattan market in the last four years [5] - Office conversions are impacting supply and pricing [4] Rental Rates - Average asking rent for Manhattan offices increased 1% from July due to low supply [4] - Rents are still 6% lower than March 2020, when the pandemic significantly impacted the US [4]
Manhattan office leasing jumps 20% in August: Here's why
CNBC Television·2025-09-02 12:16