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Manhattan leasing activity up year-over-year while asking rents hit record high

Coming off a record-break year for the office market, Manhattan leasing volume is up 13 percent at the midpoint of 2019, according to a market report from Colliers International.

Thanks in large part to a boom in Downtown, Manhattan leasing activity – which includes both renewals and new leases – totaled 20.26 million square feet, according to Colliers. When renewals were factored out, new leases and expansions totaled 15.28 million square feet in the first half of the year, for an increase of nearly 10 percent from the same time last year.

“Similar to 2018, a healthy job market and steady economic growth has led to strong leasing activity in the first half of the year,” said David Amsterdam, Colliers Investments and Eastern Region president and U.S. Capital Markets co-head. “Overall availability remains near market equilibrium while pockets of Manhattan were at their lowest post-recession availability on record.”

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