Office leasing activity in Manhattan declined for the third consecutive month in November, hitting its lowest level since April 2021, as the market registered negative absorption of -1.36M SF, according to a new report from Colliers.

In a year-over-year comparison, Manhattan office leasing is down by more than 50%, the report said. November's leasing velocity of 1.48M SF fell below the 2020 average monthly volume of 1.58M SF. In November 2021, leasing velocity in Manhattan was nearly 3.1M SF.

Leasing activity in Midtown grew by about 13% in November to 660K SF, and held steady at 240K SF in Downtown, but these somewhat positive results were offset by a 25% plunge in leasing activity in Midtown south, which totaled 580K SF. Also, the leasing totals in Midtown for October and November have been the lowest recorded all year, Colliers reported.

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