June 5, 2020
Manhattan office leasing activity moved upward by 5.2% in May and rose by 21.9% from March, when the COVID-19 lockdown essentially put the market on pause, Colliers International’s Franklin Wallach reported.
However, May’s tally of 1.42 million square feet was down by more than half from May 2019, and 60.4% below 2019’s monthly average of 3.58 million square feet. The Y-O-Y drop-off was especially pronounced in Lower Manhattan, which saw just 130,000 square feet of deals in May of this year, compared to 920,000 square feet in the year-ago period.
A single deal—86,000 square feet leased by Policygenius at 32 Old Slip—accounted for nearly two-thirds of Lower Manhattan’s monthly total.
Led by Tik Tok’s commitment of 232,138 square feet at the Durst Organization’s One Five One, May saw six transactions greater than 50,000 square feet each across Manhattan, reported Wallach. That compares to 14 such deals in May 2019.
Pictured: 32 Old Slip.
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