Office Manhattan November Leasing Activity Down 55% From October

Office leasing activity in Manhattan continued its downward trend in November. Research from Colliers International found that leasing activity declined 55% from October and 80% year-over-year.

In November, a total of .79 million square feet in lease transactions closed in Manhattan, compared to 3.58 million square feet in November 2019, with negative absorption of nearly 3 million square feet. As a result, the market’s vacancy rate increased yet again for the sixth straight month to 13.5%, the highest vacancy rate in the market since 2003. The sublease market is driving a significant portion of the office vacancy, accounting for nearly 25% of total available space. The sublease supply increased again in November by .99 million square feet.