The office availability rate in Manhattan set a new record of 17.9% in the third quarter, the fourth consecutive quarterly increase in availability in the borough.
The available supply in Manhattan has increased nearly 80% since March 2020 to a record high of nearly 97M SF, according to a Q3 2023 report from Colliers.
Negative net absorption in Manhattan totaled minus 525K SF in Q3, a significant improvement over the minus 3.8M SF recorded in Q2 2023.
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