NEW YORK CITY-Right at the close of the third quarter, Colliers International has issued a report on the city's performance over the last three months. According to the data, the Manhattan office market returned to a more normalized pace of activity in the third quarter, with overall indicators pointing to slow but steady improvements as year end approaches.
The leasing market's leaders were healthcare, technology, professional, and business services, all strengthened by an overall improving employment sector, although the pace of large lease and investment sales activity slowed over the past few months, Collier's notes.
The overall Manhattan availability rate dropped to 11.5%, down from 12.1% in the second quarter, its lowest level since late 2011. All three of Manhattan's markets participated in the decline.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
