Manhattan’s office leasing volume in 2020 was the lowest in two decades, with full-year activity down 55.9 percent over the prior year and 13.4 percent quarter-over-quarter, according to research released by Colliers International. 

The brokerage firm’s most recently quarterly report reveals record high availability with negative absorption and a decrease in average asking rents. Approximately 4.16 million square feet was leased in the fourth quarter of 2020, two-thirds lower than the volume recorded in the same period in 2019. Leasing activity in the fourth quarter was also 52.2 percent below Manhattan’s five-year rolling average (8.71 million sf) and 49.3 percent below the ten-year average (8.20 million sf). The full-year leasing volume reflects the lowest post-2000 activity on record, according to the report.

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