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NYC Q2 2022 Midtown Office Market Report

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At 3.31 million square feet, Midtown’s leasing volume shrank by 13.3% since Q1 2022. Demand, however, increased by nearly 90.0% since Q2 2021.

  • Midtown’s availability rate tightened by 0.4 pp to 16.4%, the largest quarterly drop since 2018.
  • Midtown ended Q2 2022 with 1.05 million square feet of positive absorption, the highest quarter of positive absorption since Q4 2018.
  • Midtown’s asking rent average remained mostly stable during the quarter, decreasing by 0.1% to $79.60/SF.

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NYC Q2 2022 Midtown Office Market Report

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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.
 

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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.

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Brennan Yerman

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Benjamin Liptscher

Senior Research Analyst

New York

Senior Research Analyst, NYC Office Leasing. 

 Formerly a Research Analyst focused on new construction developments I'm excited to pivot towards coverage of the NYC office sector. 

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