Continued job growth and a robust US economy have led to the strongest performance in Manhattan's leasing market "in recent memory", with more than 11 million square feet of office space now available for lease, according to Cushman & Wakefield. The data was published in Colliers International’s quarterly report, which also revealed co-working firms were taking significant amounts of square footage, while rents were reaching record highs. quarterly office leasing snapshot indicates 12% of leasing activity over the first three quarters of the year was from coworking tenants. The midtown office market saw its best quarterly leasing performance in 18 years. In contrast, the downtown market suffered a 45% year-on-year drop in leasing activity.
Continued job growth and a robust US economy have led to the strongest performance in Manhattan's leasing market "in recent memory", with more than 11 million square feet of office space now available for lease, according to Cushman & Wakefield. The data was published in Colliers International’s quarterly report, which also revealed co-working firms were taking significant amounts of square footage, while rents were reaching record highs. The midtown office market saw its best quarterly leasing performance in 18 years. In contrast, the downtown market suffered a 45% year-on-year drop in leasing activity.