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NY Q2 2021 Downtown Manhattan Office Market Report

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Lower Manhattan leasing activity more than tripled, quarter over quarter.  Meanwhile, the available inventory increased to a new record-high with negative absorption while the asking rent average was lower since Q1 2021.

Quarterly Leasing Volume Tripled

Lower Manhattan’s Q2 2021 leasing activity (1.17 million square feet) more than tripled since the prior quarter while year-over-year leasing increased by 76.3%. However, Q2 2021 leasing velocity was less than half the pre-pandemic quarterly average (2.68 million square feet) in 2019.

 

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NY Q2 2021 Downtown Manhattan Office Market Report

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Franklin Wallach

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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.

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.

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