Manhattan’s quarterly leasing volume increased since the previous quarter. Meanwhile, the asking rent average decreased with negative absorption and record-high supply.
The arrival of the COVID-19 pandemic drove New York City’s unemployment rate from 4.2% in March 2020 to a record-high 20.2% two months later.
After July 2020’s 18.8% figure, the unemployment rate tightened for five consecutive months, decreasing by 7.2 pp (percentage points) to 11.6% in December. However, the January and February 2021 unemployment rates were higher, increasing to 13.1% and 13.2%, respectively.
Additionally, in the 12-week period between January 2nd and March 20th, approximately 277,000 initial claims for unemployment insurance were filed in New York City, more than double the number of claims filed during the same period one year earlier (124,000).