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NEW YORK CITYManhattan finished out the second quarter with 2.15 million square feet of leasing activity, a 65% decrease from first-quarter 2020 and 69% below the five-year quarterly average, according to CBRE’s quarterly report on the market. Yet, despite the steep decline in leasing, the average asking rent was $81.30 per square feet, essentially flat quarter-over-quarter but up 1% from the same period last year.

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Erika Morphy

GlobeSt

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