Occupied office space in Manhattan fell by more than 8 percent in May and availability tightened slightly, however YoY demand soared by 60 percent, according to a report this week by Colliers.
Availability in Manhattan's Downtown area grew by 0.4 percentage points in May to a record-high 20.1 percent, marking the first time on record that any Manhattan market topped 20 percent.
Manhattan's availability is now at 17.2 percent.
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Despite May's tighter supply, the overall availability grew by 72.5% since COVID-19 was declared a pandemic in March 2020 to 92.91 million square feet.
Two transactions paced the May market: HSBC's 264,000 square foot lease at 66 Hudson Boulevard and Macquarie's 222,000 square foot lease at 660 Fifth Avenue.
Manhattan's net sublet availability increased by 0.25 million square feet in May to 19.99 million square feet. It now sits just 5.5% below the pandemic peak of 21.16 million square feet in July 2021.
Manhattan's average asking rent per square foot decreased by 0.4% to $75.34.
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