Office leasing in Manhattan for the month of January dropped 39.4% from the previous month to total 2.25 million square feet, and almost 50% year over year, according to Colliers. Meanwhile office availability has reached an all-time high of 17.9% for the second straight month, it said. January demand was also barely under the five-year rolling average of 2.35 million square feet as well as the full-year 2023 average of 2.27 million square feet.
The drop comes after fourth quarter's numbers, which clocked in as one of the strongest periods since mid-2022 thanks in part to a handful of mega leases, including Paul, Weiss, Rifkind, Wharton & Garrison's 765,000 square-foot lease at 1345 Avenue of the Americas.
In January, by contrast, there were only four leases over 100,000 square feet, with the largest of the group for 175,000 square feet. Vornado Realty nabbed this lease by law firm King & Spalding at 1290 Sixth Ave.
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