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%.
Sr Managing Director
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.
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 New York City commercial real estate periodicals including The Real Deal and GlobeSt.com.
Franklin joined Colliers after working in CBRE's Lower Manhattan office as a Senior Research Analyst.
Managing Director - Research & Consulting
AREA OF EXPERTISE
With over fifteen years’ experience in commercial real estate research and analyses, Ms. Cheng’s expertise includes complex database management, demographic and commutation analysis to review tenant's optimal locations.
She also provides consulting services such as reviewing market trends for tenants/clients' corporate real estate portfolio; relocation analysis and benchmarking.
BUSINESS AND EDUCATIONAL BACKGROUND
Ms. Cheng 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 her tenure at Studley, Ms. Cheng was a Senior Manager, Research and Consultancy – Capital Markets with the research and consulting group at Jones Lang LaSalle, Philippines. At Jones Lang LaSalle, Ms. Cheng was involved in over 20 consulting projects, such as highest and best use, pricing, market analysis, optimal retail mix and theme for land, office, residential and industrial usage. She was also exposed to the various commercial markets in the Asia-Pacific region, working closely with the regional research group at Jones Lang LaSalle and performed sophisticated retail advisory work for international retailers.
Prior to Jones Lang LaSalle, Ms. Cheng was Research Analyst with LaSalle Investment Management in New York City, focusing on the multifamily markets and the Northern New Jersey Industrial market.
Ms. Cheng earned her Masters in Business Administration from Fordham University.