With monthly leasing activity in the Big Apple having increased while seeing lower leasing volume year-over-year, the latest Colliers International Manhattan Monthly Snapshot for May 2020 is decidedly mixed.
According to the report, Manhattan's monthly leasing activity increased by 5.2% at 1.42 MSF in May compared to April 2020, and was higher by 21.9% compared to March. Nevertheless, 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 MSF.
There were only six separate 50,000+ SF leases in May 2020, compared to May 2019 which saw the closing of 14 separate 50,000+ SF leases, including two greater than 250,000 SF.
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Richard Binder
Richard Binder, based in New York, is part of the social media team at ALM. He is also a 2014 recipient of the ASPBE Award for Excellence in the Humorous/Fun Department.
