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Manhattan Monthly Snapshot November 2021

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  • At 3.09 million square feet, Manhattan’s monthly leasing activity increased by 14.8% since October and was nearly four-times higher than the 0.79 million square feet leased one year ago. This was also the first month surpassing 3.00 million square feet in activity since January 2020 (3.56 million square feet).
  • Manhattan’s availability rate tightened in November by 0.1 pp (percentage points) to 16.9%. However, Manhattan’s overall availability has increased by 68.6% since March 2020 to a total of 90.81 million square feet.
  • Manhattan’s net sublet availability decreased – for the fourth consecutive month – by 0.37 million square feet. Nevertheless, at 19.46 million square feet, Manhattan’s total sublet inventory has increased by 63.5% since March 2020.
  • Manhattan’s average asking rent increased – for the third consecutive month – by 0.7% to $74.14/SF.
  • At $78.40/SF, Midtown South’s average has increased by 14.1% since the post-pandemic low of $68.69/SF in February of this year and was the only market to surpass its pre-pandemic asking rent average in March 2020 ($77.95/SF).

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Manhattan Monthly Snapshot November 2021

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Franklin Wallach

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