Full-year 2024 office leasing volume in Manhattan totaled 35.7 million square feet, the highest annual total since 41.5 million square feet in 2019. During the fourth quarter, the market leased 10.7 million square feet of office space, building on Q3 leasing volume to achieve the strongest leasing quarter since Q4 2019, according to Savills Research & Data Services.
Most of the activity remains concentrated in Midtown Manhattan and among top-quality buildings in major transit hubs. The area accounted for 77% of leasing volume during the fourth quarter, its highest share since Q1 2021. The Penn Plaza, Grand Central and Plaza South submarkets combined to account for 48.2% of quarterly leasing volume.
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