Lower Manhattan recorded 851K SF of office leasing activity in Q3, a surge of 40% over the second quarter, and 10% more than Q3 2021. The surge in activity represents the market's third best quarter since the start of the pandemic.
However, while the surge in activity—measured in CBRE's latest market report—reverses two quarters of decline in leasing activity in Lower Manhattan, the overall activity remains 17% lower than the five-year quarterly average for the market.
Midtown Manhattan, by comparison, saw 4.62M SF of leasing activity in Q3—27% above the five-year quarterly average and a 40% surge YOY, according to the Alliance for Downtown New York's latest Lower Manhattan market report.
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