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Downtown Manhattan Office Market Report 3Q 2020

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Downtown leasing volume and the average asking rent decreased during 3Q 2020.  Additionally, absorption was negative while availability increased.

Lowest Quarterly Leasing Volume Since 2010


Lower Manhattan’s quarterly leasing volume decreased – for the third consecutive quarter – by 8.9% since 2Q 2020 to 0.60 million square feet.  This was Downtown’s lowest quarterly leasing volume since 4Q 2010.  Leasing velocity also declined by nearly two-thirds, year-over-year.  Meanwhile, leasing volume during the first three quarters of 2020 (2.96 million square feet) was 56.6% below leasing volume during the same period in 2019 (6.81 million square feet).

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Downtown Manhattan Office Market Report 3Q 2020

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Franklin Wallach

Executive Managing Director

New York

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.

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