Manhattan's office market is starting to boom again, as leasing appetite in the city has picked up, with properties leading the way, according to a report from Avison Young.
Total leasing activity in Manhattan for the third quarter hit 23.1 million square feet, marking a 25 percent year-over-year increase. This was driven by 100,000-plus square feet office assets, which leaped from 18 to 25 transactions in the third quarter.
"This increase in large-block leasing activity has strongly contributed to 2024's leasing activity significantly outpacing 2023," Avison wrote.
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