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Manhattan office vacancy tightens as available space hits lows since 2020
Colliers data cited by Commercial Observer shows the volume of office space available for lease in Manhattan is the lowest since 2020, with major lease deals also signed recently.
The latest office-market snapshot suggests Manhattan is seeing tighter availability, with Commercial Observer pointing to Colliers research showing the volume of office space available for lease in the borough is at its lowest level since 2020.
The piece also cites recent leasing activity, including Qube taking 52,000 square feet at Related Companies and Oxford Properties Group, as well as Oxford Properties Group signing for 70 Hudson Yards.
Additional deals mentioned include Castle Hook Partners planning space at 625 Madison Avenue, along with leases signed by Bank of India and IQ-EQ Fund Services at Stawski Partners’ 1212 Avenue of the Americas.
Commercial Observer frames the backdrop as shifting macro conditions, noting that U.S. employment was weaker than expected, with the economy adding 29,000 jobs in September and the unemployment rate rising to 4.2 percent, while the 10-Year Treasury reached its highest level in 19 years.