Occupiers are shifting back to long-term leases as their space needs take shape and they look to take advantage of the tenant-favorable market conditions, which include high availability rates, reduced rents and historically high concession packages.
The recovery of the average lease term length in the Manhattan office market is another welcome sign that conditions are normalizing as the Covid pandemic recedes.
The Manhattan office availability rate in January 2022 is near an all-time high of 19.2%, while average net effective rent is down 27.6% since year-end 2019.
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