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Manhattan Office Market Report 3Q 2020

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Despite the uptick in 3Q 2020 leasing volume, availability dramatically increased while absorption was negative and the asking rent average decreased.

 

The arrival of the COVID-19 pandemic drove New York City’s unemployment rate from 4.0% in March 2020 to a record-high 20.4% three months later.After New York City successfully flattened the curve and non-essential businesses gradually reopened over the summer, the unemployment rate tightened by 4.1 pp (percentage points) to 16.3%, as of August.  However, the August 2020 unemployment rate was still nearly four-times as high as the rate one year ago (4.2%).


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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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