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.