Manhattan office leasing volume grew by 26.0% to 9.23 million square feet – the strongest quarterly volume since year-end 2019. Furthermore, the year-to-date leasing volume totaled 24.17 million square feet, a nearly 50.0% increase over the 16.34 million square feet leased during the same period in 2021.
- At 16.4%, Manhattan’s Q3 2022 availability rate was lower by 0.8 percentage points since the prior quarter – the sharpest quarterly percentage point decrease since Q3 2014 and the tightest availability since March 2021.
- Manhattan’s Q3 2022 net absorption was a notable positive 4.13 million square feet. While absorption since March 2020 totaled negative 34.76 million square feet, Manhattan recorded 1.83 million square feet of positive absorption over the last 12 months.
- Manhattan’s asking rent average was lower by 2.0% to $74.07/SF. The drop in pricing was mainly due to above-average priced large blocks of space leased and removed from the available inventory.