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Manhattan Monthly Snapshot January 2021

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At 1.90 MSF, Manhattan leasing activity in January – the highest since July 2020 – increased by 18.6% since the prior month and was 20.3% higher than the 2020 average monthly volume (1.58 MSF). However, year-over-year leasing volume was lower by nearly 47% and was well below the pre-pandemic average monthly volume in 2019 (3.58 MSF).  The availability rate increased – for the eighth consecutive month – by 0.6 pp (percentage points) to a record-high 14.9%. Net sublet availability increased by 0.45 MSF, the smallest monthly increase in sublet supply since June 2020. Monthly absorption was negative at 2.85 MSF. The average asking rent decreased – for the seventh consecutive month – by 1.0% since December to $73.65/ SF, the lowest average since April 2018.  Since March 2020, the average asking rent decreased by 7.3%.


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Manhattan Monthly Snapshot January 2021

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Franklin Wallach is a Senior Managing Director, Research at Colliers International. 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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