Office leasing activity in Manhattan nearly doubled in July, surging to 3.16M SF from June's total of 2.2M and almost 1M SF more than the activity recorded in July 2021, according to Colliers.
The overall July leasing activity in Manhattan was the strongest monthly leasing total since January 2020. Although the leasing velocity in Manhattan surpassed average monthly totals in each of the past two years, it was still 11.6% below the 2019 pre-pandemic average of 3.58M SF.
Midtown offices led the leasing surge in July with 1.98M SF in leasing activity, with Midtown South leases totaling 707K SF and Downtown offices recording 480K SF in leasing, Colliers Manhattan Office Space Market Snapshot said.
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