Office leasing in Manhattan continues to rebound in 2022, says a new report from Colliers. Leasing activity hit 3.16 million square feet in July and was the strongest monthly leasing since January 2020. That's up 42.8% over June and 34.4% year over year.

However, while the rebound has brought relative improvement, it doesn't mean that happy days are again here. "Although July's velocity surpassed the 2020 (1.58 million square feet) and 2021 (2.08 million square feet) average monthly volume, it was 11.6% below the 2019 pre-pandemic average (3.58 million square feet)," the report read."

The number varied by area, with apparent shifting in tenant choices happening. Midtown saw the biggest jump, with close to 3.3 times as much space leased in July 2022 compared to the year before. Both Midtown South and Downtown saw significant drops; the former was at 76.4% of the year before, and the latter at 58.2%.