Got space? Manhattan office availability hits 7-year high
Leasing down 21% in August as sublet space dilutes market
September 2, 2020 | Akiko Matsuda | The Real Deal
Manhattan’s office real estate market weakened in August as leasing volume was down 21 percent from a year ago while the availability rate hit a seven-year high, according to a monthly market report by Colliers International.
Manhattan’s availability rate in August jumped by 0.8 percentage points from July to 11.8 percent, the highest since 2013. The rate is 2.1 percentage points higher than a year ago. The spike resulted partly from net sublet availability increasing by 1.31 million square feet for the month.
Sublet inventory accounted for 23 percent of Manhattan availability, the highest share since 2010.
