Manhattan office leasing activity surged compared with the second quarter of 2021, as the market registered its strongest performance since the onset of the pandemic, according to CBRE's Q3 2021 Manhattan market report, issued Thursday.
Third-quarter Manhattan leasing totaled 5.88 million sq. ft., up 70% from Q2 2021. However, the Q3 total was still 5% below the five-year quarterly average of 6.16 million sq. ft.
"While still in the early stages, New York City is showing clear signs of a recovery," said Nicole LaRusso, senior director of research and analysis for CBRE New York Tri-State, in prepared remarks. "In fact, new leases and expansions improved for the third consecutive quarter. The 5.88 million sq. ft. of total leasing in Manhattan was the best quarter since Q1 2020."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
