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Manhattan office leasing rose in July as demand hit 3.87M sq ft
Colliers data shows Midtown South accounted for nearly half of July demand, with availability dropping to 12.2 percent, down from June by about half a percentage point.
Manhattan office leasing gained momentum in July, with tenants acquiring, renewing, expanding, or extending 3.87 million square feet of office space, according to Colliers data cited by Commercial Observer. That level represented a 22.0 percent increase versus June and a 28.4 percent year-over-year rise from July 2025.
Commercial Observer reported that leasing activity was led by lease commitments from NBCUniversal Media, AON, and Anthropic. Year to date, office demand increased annually by 12.8 percent to 26.66 million square feet, keeping the market on track for its strongest year since 2000.
July strength was concentrated in Midtown South, where the submarket generated nearly half of all Manhattan leasing demand despite holding 36.3 percent of the office inventory. The outlet said Midtown South demand totaled 1.9 million square feet, supported by the largest deal at 330 Hudson, including Anthropic’s 465,630-square-foot lease for the entire AEW Capital Management-owned building.
Commercial Observer also highlighted supply trends, citing Colliers executive managing director for research and business Frank Wallach. Since Midtown South’s post-pandemic supply peak in November 2023, available inventory has been cut by 36.2 percent, and between June and July availability fell by about half a percentage point to 12.2 percent.