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Manhattan Monthly Snapshot April 2020

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At 1.35 MSF, Manhattan's monthly leasing activity in April increased by 15.9% since the prior month. However, year-over-year leasing volume was lower by nearly two-thirds and was 62.3% below the average monthly volume in 2019 (3.58 MSF). Manhattan's monthly availability rate increased by 0.1 pp (percentage points) to 10.3%, led by two separate 250,000+ SF blocks of space added to the available inventory in Midtown and Downtown. Both blocks were previously scheduled to enter the availability rate in April. Sublet availability remained stable at 2.3% with only two significant (50,000+ SF) sublet blocks listed in April at 33 Whitehall Street (105,000 SF) and 195 Broadway (84,000 SF). Monthly absorption was negative 0.31 MSF. The average asking rent increased - for the fourth consecutive month - by 0.1% since March to $79.58/ SF.

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Manhattan Monthly Snapshot April 2020

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Franklin Wallach

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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.

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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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Chemerie Cheng

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