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Manhattan office leasing rose in the third quarter, JLL metrics show

Leasing volume increased 2.3 percent year over year, while Manhattan vacancy fell to 12.6 percent, the lowest level since before 2020.

Reported · Written up by our desk · Commercial

Manhattan office leasing improved in the third quarter, with leasing volume up 2.3 percent versus the same period last year, according to Commercial Observer citing JLL data.

Vacancy in Manhattan stood at 12.6 percent, the lowest level since before 2020, down from 13.1 percent at the end of the second quarter and from 14.7 percent a year earlier.

Direct asking rent rose to $84.56 per square foot, as rents above $300 per square foot have become more common and $400 per square foot is now in view.

Commercial Observer also pointed to deal activity, noting that major transactions and the reported “broad-based” improvement across major industries suggest the stronger leasing metrics are not tied to a single sector.

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