Skip to main content Skip to footer

NY Q4 2021 Manhattan Office Market Report

Download Report
New York Market Report SiteCore Headers_Manhattan
  • At 8.63 million square feet, this was Manhattan’s strongest quarter of activity since late-2019.
  • Full-year leasing volume (24.96 million square feet) rose by 31.6% since the prior year, the strongest yearly growth since 2013. However, Manhattan’s 2021 leasing volume was still 41.9% below the pre-pandemic leasing volume in 2019 (42.97 million square feet).
  • The availability rate expanded by 0.5 percentage points to a new record-high of 17.3%. Manhattan’s available supply has increased by 72.2% since March 2020 to a total of 92.71 million square feet.
  • Manhattan’s sublet availability shrank by 1.38 million square feet during Q4 2021, the third consecutive quarterly net decrease to sublet supply as well as the largest quarterly drop since 2015.
  • Manhattan’s asking rent average increased by 3.1% during Q4 2021 to $75.00/SF, primarily driven by the addition of several large (100,000+ SF) blocks of above-average priced space in new construction/major renovations and other Class A product.

NY Market Report SiteCore Thumbnails_Manhattan

NY Q4 2021 Manhattan Office Market Report

Download Report
Related Experts

Franklin Wallach

Executive Managing Director

New York

Franklin Wallach is an Executive Managing Director, Research & Business Development at Colliers.  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 periodicals including The Wall Street Journal and The New York Times.

Franklin’s expertise in synthesizing data into important, poignant and understandable observations has led him to be a key ingredient on a number of wins over the years. He has also parlayed this skill into offering strategic advisory on existing assignments as well as creative planning for business development pursuits and opportunities. Franklin's business development role enables him to formally assist the Colliers' brokerage practice in the pursuit, development and execution of new business.
 

View expert

Chemerie Cheng

Managing Director - Research & Consulting

New York

With more than 20 years of experience in commercial real estate research and  analyses, Ms. Cheng’s expertise includes complex database management, corporate real estate and advisory consulting.

Ongoing projects include: currently managing the Americas property portfolio for European based company; and conducting  regular demographic and employee commutation analyses for Client data firms.

She was the Manager of Real Estate Analytics of Studley, Inc. While at Studley, she headed the analyses and production of the regular quarterly reports and in-depth studies of the effective rental rents for prime Class A office properties. Ms. Cheng coordinated with the local offices to develop and maintain property research databases for 15 cities, and established two new market reports as part of the company expansion.

Prior to Jones Lang LaSalle, Ms. Cheng was a Research Analyst with LaSalle Investment Management in New York City, focusing on the multifamily markets and the Northern New Jersey Industrial market.

View expert

Brennan Yerman

Research Manager

New York

View expert