NEW YORK CITY—Office leasing volume picked up compared to March and April, according to a recent report from Colliers, but leasing in May was well below the average monthly volume during 2019. According to the report, despite frequent rumors of sublet space scheduled to enter the market, very little sublet inventory was listed.
As a result, the report says that the sublet availability rate was lower in May. This was the second consecutive month of flat or tightening sublet availability in Manhattan.
For downtown, at 1.42 million square feet, Manhattan's monthly leasing activity in May increased by 5.2% compared to the prior month and was higher by 21.9% compared to March. But, with only six separate 50,000-plus-square-foot leases in May, the report notes that year-over-year leasing volume was lower by more than one-half and was 60.4% below the 2019 average monthly volume of 3.58 million square feet.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
