It turns out that Manhattan's office market isn't immune to slowdowns in the post-pandemic world. The latest report from Colliers finds that leasing volume was about 3.18 million square feet in February, a 12.5% plunge from the previous month.
The declines were led by the performance in Midtown South, where leasing activity plummeted by 60 percent to 571,333 square feet. Also, these levels are down 38 percent from the submarket's 10-year monthly average and by a third from 12 months ago.
"Unlike January’s demand, which included three separate 100,000+-sq.-ft. transactions, the largest lease to close in February was Netflix’s 33,000-sq.-ft. expansion at 888 Broadway," Colliers wrote in regards to the performance of Midtown South last month.
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