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Analysis

New Office Pre-Leasing Above the Norm

Manhattan led the way at 83.3% while Puget Sound completed the most square footage in the second half of 2023.

By Richard Berger | January 22, 2024 at 07:36 AM

Colliers reported positive pre-leasing data on new office properties, with most markets above the average percentage at 46.2% pre-leased and Manhattan coming in first at 83.3% pre-leased.

There are 36.4 million square feet of active construction across the top office markets and most projects are expected to be completed in 2024. Those 79 projects are expected to add 22.7 million square feet of inventory in the top markets.

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