Office leasing in Manhattan during the third quarter shows clear, record-breaking signs of distress.
According to the latest report from Colliers International, volume came in at 4.81 million square feet, less than half of the activity seen for the third quarter of 2019, which posted 9.54 million square feet of leasing. Velocity from July to September also failed to impress, dropping 46% below Manhattan's five-year rolling average of 8.89 million square feet and 41.8% below the ten-year average of 8.26 million square feet.
Such results paint a dire picture. "If leasing volume continues at the current pace for the remainder of the year, full-year leasing volume in 2020 [which was 19.74 million square feet] would be the lowest so far this century," the report said.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
