Lower Manhattan leasing activity decreased, quarter over quarter. Meanwhile, the available inventory grew with negative absorption while the asking rent average was lower since Q4 2020.
Quarterly Leasing Volume Down by Half
Lower Manhattan’s Q1 2021 leasing activity (0.35 million square feet) was less than half of the volume recorded during Q4 2020 (0.75 million square feet) and was nearly four-fifths lower than the leasing activity during Q1 2020 (1.69 million square feet). Additionally, Q1 2021 leasing velocity was a fraction of the pre-pandemic quarterly average (2.68 million square feet) in 2019.