Downtown’s Q2 2022 leasing activity (0.59 million square feet) decreased by approximately one-half since both the prior quarter and Q2 2021.
- Lower Manhattan’s availability rate grew by 0.2 pp to a record-high 20.1%. This was the highest availability rate within Manhattan’s three major markets.
- Quarterly absorption was negative 0.20 million square feet while Downtown’s net absorption since Q1 2020 totaled negative 10.56 million square feet.
- Lower Manhattan’s asking rent average decreased by 0.2% during the second quarter to $59.61/SF.