Manhattan’s Office Availability Reaches Highest Rate in Decades; Leasing Volume Continues to Decline In Q4 2020, the continued addition of direct and sublet office space to an already bloated inventory coupled with anemic leasing velocity pushed overall market availability to 15.5% (vs 11.8% in Q4 2019). Read the complete report here: Q4 2020 Office Market Report
Q1 2020 NYC Office Market Report
After several years of significant growth, office leasing velocity started to slow in January and fell precipitously in the final days of the first quarter as a direct result of the COVID-19 pandemic. Although uncertainty abounds as the world navigates through unchartered waters, we foresee leasing velocity stalling further, causing availability rates to materially increase across each of New York City’s submarkets, as a deluge of sublet space is added to 2Q 2020 inventory from…