Manhattan office leasing volume decreased by 3.9% during Q2 2022 to 7.32 million square feet. However, leasing activity during the first-half of 2022 (H1 2022) totaled 14.95 million square feet, a 64.2% increase over the 9.11 million square feet leased during the same period in 2021.
- Manhattan’s Q2 2022 availability rate was 17.2%, lower by 0.1 pp (percentage points) since the prior quarter but higher by 0.2 pp, year-over-year.
- Manhattan’s Q2 2022 net absorption was positive at 0.53 million square feet.
- Manhattan’s asking rent average increased – for the third consecutive quarter – by 0.7% to $75.61/SF. This was Manhattan’s longest consecutive streak of quarterly asking rent increases since 2019.