Manhattan’s office market is making up lost ground with an increase of nearly 60% in leasing activity during the third quarter, according to data from Colliers International.
More than 7 million square feet were leased, making Q3 Manhattan’s strongest quarter since late 2019. The borough, however, is still 12% behind its five-year average of 8.22 million square feet of space leased during the period, the report said.
Unlike after previous recessions, all three submarkets—Midtown, Midtown South and Downtown—are recovering in parallel, said Frank Wallach, Colliers’ managing director of research.
That’s because the tenant bases in those markets are more diversified than they had been a decade ago,
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