Marcus & Millichap recently reported that Manhattan office use was up, although not enormously. But actual occupancy rates are different from demand and leasing of new space. 

According to the most recent quarterly report from Colliers, new demand isn't doing well. Manhattan office leasing volume dropped by 3.9%. "Additionally, at 7.32 million square feet, Q2 2022 demand was 10.1% below Manhattan's five-year rolling average (8.14 million square feet) and 10.6% below the ten-year average (8.19 million square feet)."

The good news is that 2022 second quarter volume was 60.8% higher than the 4.55 million square feet in the same period of 2021. The comparison of the first six months is also favorable in a year-over-year measure, with 14.95 million square feet a 62.4% increase over 9.11 million square feet. "If leasing volume were to continue at the same pace for the remainder of the year, 2022's full-year leasing volume would surpass 2021's full-year total (24.96 million square feet) by 19.8%," the report read.