The picture for Manhattan office leasing continues to be murky. The ongoing presence of the Coronavirus pandemic is putting a damper on activity, but some leasing is still taking place.
On the bad news front, availability across the borough last month soared to 12.9%—it's highest level since 2004, according to a new report from Colliers International. Average asking rents for the month fell in each of the three submarkets, but only by about one dollar in each area, leading Manhattan's total figure to come in at $76.20, a slight dip from $77.12 in September but a steeper decline from $79.61 year-over-year.
Yet, leasing in October was healthy, growing by 57.4% over the prior month. The lion's share of the transactions took place in Midtown South, where NYU Langone renewed its 633,000-square-foot agreement at One Park Ave., inking the second largest lease of 2020. Centric Brands, Li & Fung and Noom also signed leases in the submarket.
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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.
