Demand for office in Manhattan is picking up to levels not seen in 10 years as the sector continues to recover from the pandemic, according to the latest market report from Transwestern.
Net absorption in the city exploded to 5.7 million square feet in the three months ending September- the highest levels seen in a decade said the commercial real estate agency. That's a massive turnaround from the negative 292,131 SF in the previous quarter. Year-to-date, net absorption is now at 2.7 million SF in Manhattan.
The strong performance for demand in the third quarter came primarily "from the withdrawal of offered space where buildings are preparing for sale, conversions or renovations," Transwestern wrote.
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