Marcus & Millichap recently reported that Manhattan office use was up, although not enormously. But actual occupancy rates are different from demand and leasing of new space. 

According to the most recent quarterly report from Colliers, new demand isn’t doing well. Manhattan office leasing volume dropped by 3.9%. “Additionally, at 7.32 million square feet, Q2 2022 demand was 10.1% below Manhattan’s five-year rolling average (8.14 million square feet) and 10.6% below the ten-year average (8.19 million square feet).”


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