Heading into September, New York City office demand remains strong with Manhattan new leasing activity remaining 14.1% ahead of 2018’s pace with 24.0 million square feet leased, led by activity in Midtown South and Downtown. TAMI is on pace to reach its highest level of leasing activity since 2014, as its mark of 4.9 msf through August has already surpassed the previous five-year annual leasing average by 3.3%. Manhattan sublease space reached its highest supply in more than nine years, surpassing 9.5 msf -6.0 msf of which comes from Midtown.
Be on the lookout for more editions of Five Fast Facts from Cushman & Wakefield’s Tri-State Research team each month. You can download the pictured graphic by clicking here.