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Manhattan Monthly Snapshot January 2022

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  • At 2.28 million square feet, Manhattan’s monthly leasing activity decreased by 19.4% since December but was 25.9% higher than the 1.81 million square feet leased one year ago.
  • Although January’s leasing volume in Manhattan surpassed both the 2020 (1.58 million square feet) and 2021 (2.08 million square feet) average monthly volume, it was still 36.2% below the 2019 average (3.58 million square feet).
  • The Manhattan availability rate tightened in January by 0.1 pp (percentage points) to 17.2%. However, Manhattan’s overall availability has increased by 71.9% since COVID-19 was declared a pandemic in March 2020 to a total of 92.57 million square feet.
  • Net sublet availability in Manhattan decreased – for the sixth consecutive month – by 0.40 million square feet. However, at 18.16 million square feet,
  • Manhattan’s total sublet inventory has increased by 52.6% since March 2020.
  • Manhattan’s average asking rent increased – for the fifth consecutive month – by 0.1% to $75.08/SF.

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Manhattan Monthly Snapshot January 2022

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Franklin Wallach

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