Manhattan's office market posted its strongest month of leasing since July 2020 in July, but it's not out of the woods yet.
New research from Colliers reveals that despite leasing 2.35 million square feet of space last month—the third consecutive monthly increase for the market, and a 15.2% increase over June figures—Manhattan's leasing activity was still nearly 35% below pre-pandemic levels, when average monthly volume totaled 3.58 million square feet.
The Midtown South submarket performed best, followed by Downtown and Midtown.
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