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Things are starting to look up in Manhattan’s office market. For the fourth consecutive month, leasing activity has improved in the market, according to a new report from Colliers. In August, leasing activity totaled 2.5 million square feet, an increase of 3.9% over July and the highest since January 2020, when leasing volume totaled 3.7 square feet.

There were two notable lease transactions in August that helped to boost leasing activity: Crédit Agricole’s 167,000-square-foot relocation at 1301 Avenue of the Americas and BDO USA’s 143,000-square-foot lease at 200 Park Avenue. The two deals were the largest deals of the month. Overall, the deal activity helped to drive the market vacancy rate down by .2% to 16.9%. Although the decrease seems nominal, it is the largest monthly decrease in vacancy since June 2019.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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