Manhattan’s leasing volume decreased by 11.6%, quarter over quarter.
Meanwhile, the availability rate was stable with negative absorption but higher pricing. The arrival of the COVID 19 pandemic drove New York City’s unemployment rate from 4.5% in March 2020 to a record high 21.0% two months later.
Since then, New York City’s unemployment rate was cut by more than two thirds, decreasing by 14.4 pp (percentage points) to 6.6% as of February 2022. Over the last 12 months, the unemployment rate was lower by 6.2 pp. Additionally, New York City’s 8.1% annual private sector job growth bettered the growth nationally (at 5.4%) and at the state level (at 6.3%).