Lower Manhattan has seen just limited leasing growth in the second quarter in the office sector and remains still well behind in post-pandemic performance.
A report from Alliance for Downtown New York showed that leasing was up just by one percent for the three months ending June compared with the first quarter. That's down 17 percent in the post-pandemic world and a dip of 25 percent versus the five-year average. Plus, leasing tumbled 48 percent year-over-year. Financial and software firm Stripe, owned the biggest lease of the second quarter thanks to its 147,509 square-foot space at 28 Liberty Street.
New leasing space in the area amounted to 589,000 square feet in the second quarter. The sector that showed the most demand was technology, which represented 36 percent of the total space leased. The legal and finance industries followed with 15 percent apiece.
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