The Manhattan office market continues to thrive in the post-pandemic world. A January report from Colliers found that the city hit 3.63 million square feet in leasing volume, representing a 24.4 percent rise from the previous month. Additionally, the number is 36 percent above the 10-year monthly average.

"The strong activity was driven by several large(100,000+-sq.-ft.) leases, led by Mayer Brown at 1221 Avenue of the Americas (331,000-sq.-ft. renewal and expansion), KnitWell Group at 7 Times Square (246,000-sq.-ft., and A&E Television Networks at 227 East 45th Street (152,000-sq.-ft. renewal)," Colliers wrote.

The Midtown South and Downtown submarkets saw the largest increases in leasing demand in the city, increasing by nearly two-fold and more than doubling, respectively. Some 41 percent of the activity happened in Midtown South. Meanwhile, Downtown saw a 20.9 percent decline year-over-year. It was a different story for Midtown, where leasing activity declined 8.7 percent versus December but rose 37.7 percent year-over-year and 39.2 percent from the 10-year monthly median.