Manhattan’s leasing volume remained stable since the previous quarter. Meanwhile, the asking rent average decreased with negative absorption and higher availability.
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.
As of May 2021, New York City’s unemployment rate has been cut in half, decreasing by 10.4 pp (percentage points) to 9.8%. Additionally, New York City’s 11.6% annual private sector job growth bettered the growth nationally (at 10.4%) but was below New York State’s 13.2% annual growth.