Manhattan's office vacancy rate reached a record high in the first quarter of 2023 as leasing activity dropped to its lowest level since the second quarter of 2021, according to a new report from JLL.
The vacancy rate toped 16% while office leasing activity totaled 4.6M SF, continuing a slowdown that began at the end of last year.
Exacerbating what JLL called "anemic" results in Q1 were the delivery of more than 1.5M SF of new office space, including the completion of the redevelopment of 660 Fifth Avenue.
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