At 2.66 million square feet in April, Manhattan’s monthly leasing activity decreased by 11.5% since March. However, demand more than doubled, year-over-year.
Manhattan’s availability rate was stable since March at 17.3%. Yet, overall availability grew by 73.2% since COVID-19 was declared a pandemic in March 2020 to 93.24 million square feet total.
Downtown’s sublet inventory increased – for the fourth consecutive month – by 30,000 sq. ft. to 5.35 million square feet, the highest sublet total since March 2021.
Midtown’s availability rate (16.5%) was lower than Midtown South’s (16.8%) for the first time since 2002.
For the second consecutive month, Midtown South’s asking rent average ($81.56/SF) was higher than Midtown’s ($79.60/SF).
Executive Managing Director
Franklin Wallach is an Executive Managing Director, Research & Business Development at Colliers. Franklin's role includes a focus on quarterly and monthly trends within the Manhattan and Brooklyn office markets while using multiple databases and maintaining contacts within the industry in order to provide in-depth market analysis to brokers and clients.
Franklin reports on the office market on a monthly and quarterly basis through analytical reports as well as presentations to tenants, landlords and the press. Data analyzed by Franklin includes: average asking rents, availability rates, concessions, absorption, tenants in the market, leasing activity, construction and future tenant demand. Franklin has been quoted by numerous periodicals including The Wall Street Journal and The New York Times.
Franklin’s expertise in synthesizing data into important, poignant and understandable observations has led him to be a key ingredient on a number of wins over the years. He has also parlayed this skill into offering strategic advisory on existing assignments as well as creative planning for business development pursuits and opportunities. Franklin's business development role enables him to formally assist the Colliers' brokerage practice in the pursuit, development and execution of new business.
Managing Director - Research & Consulting
With more than 20 years of experience in commercial real estate research and analyses, Ms. Cheng’s expertise includes complex database management, corporate real estate and advisory consulting.
Ongoing projects include: currently managing the Americas property portfolio for European based company; and conducting regular demographic and employee commutation analyses for Client data firms.
She was the Manager of Real Estate Analytics of Studley, Inc. While at Studley, she headed the analyses and production of the regular quarterly reports and in-depth studies of the effective rental rents for prime Class A office properties. Ms. Cheng coordinated with the local offices to develop and maintain property research databases for 15 cities, and established two new market reports as part of the company expansion.
Prior to Jones Lang LaSalle, Ms. Cheng was a Research Analyst with LaSalle Investment Management in New York City, focusing on the multifamily markets and the Northern New Jersey Industrial market.