Manhattan Office Markets Post First Positive Absorption in Two Years
Manhattan’s Midtown, Downtown and Midtown South markets showed signs of a real rebound in office leasing activity in August, CBRE said Friday. All three markets experienced positive net absorption for the first time since July 2019.
“In August, the New York City office market had its best showing in more than a year with leasing activity by mid-size space users playing a major role,” said Nicole LaRusso, senior director of research and analysis for CBRE Tri-State. “Despite the delta surge delaying plans and creating uncertainty about precisely when office workers will return to the office, the strong leasing in August shows that confidence and momentum is growing, and we expect this trend to continue through the end of the year and into 2022.”
CBRE said Midtown South led the way, with a second consecutive month of above-average leasing activity totaling 524,000 square feet, up 31% from the five-year monthly average.
- ◦Lease
