Manhattan Office Market Strengthens in July

Leasing is up 34.4% year over year according to Colliers.

By Erik Sherman | August 02, 2022 at 06:00 AM

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.”

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