Lower Manhattan’s leasing activity increased, quarter over quarter. However, availability grew to a new record high with negative absorption while the asking rent average decreased since Q4 2021.
Quarterly Leasing Volume Higher by 20.2%
Lower Manhattan’s Q1 2022 leasing activity (1.19 million square feet) increased by 20.2% since the prior quarter and was Downtown’s second strongest quarter of leasing volume since the pandemic began. Additionally, demand more tha n tripled since Q1 2021. The largest transactions during Q1 2022 included leases by Brown Brothers Harriman at 140 Broadway (188,000 sq. ft. renewal), MJHS at 55 Water Street (138,000 sq. ft. new lease) and Celonis at 1 World Trade Center (75,000 sq. ft. extension and expansion).