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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
