Manhattan’s beleaguered office market just finished up its best quarter since before Covid-19 upended the sector.
Firms leased roughly 5.9 million square feet in the borough during the third quarter of this year, a 70% increase compared to the second quarter’s performance and the strongest quarter overall since the first quarter of 2020, according to the latest office report from CBRE. In a sign of the pandemic’s continuing impact, however, the total for the third quarter was still 5% less than Manhattan’s five-year quarterly average of about 6.2 million square feet.
Manhattan leasing has outpaced 2020 by 13% year to date with about 12.2 million square feet,
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