Manhattan's leasing volume grew in August for the fourth consecutive month, reaching 2.54M SF, 9% more than July's total of 2.3M SF, the strongest monthly volume in 2023 since January.
However, more than a quarter of the surge in demand came from a single lease: the 700K SF extension and expansion inked by Davis Polk & Wardwell at 450 Lexington Avenue.
A new office report from Colliers notes that despite the increase in August, leasing activity in Manhattan was nearly 26% lower in a year-over-year comparison. The 2023 year-to-date total was 17.4M SF in August; if demand continues at the current pace, the full-year volume for 2023 could fall 10.5% below the 2022 total.
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