Continued job growth and a robust local economy have led to the strongest performance in Manhattan 's leasing market " in recent memory " , with more than 11 million sq ft leased in Q3 , a 30 % increase on 2017 . Leasing volume was at a quarterly four-year high, according to the brokerage. The data was included in Colliers International ’s quarterly report , which also revealed co - op 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 volume .
Continued job growth and a robust local economy have led to the strongest performance in Manhattan 's leasing market " in recent memory " , with more than 11 million sq ft leased in Q3 , a 30 % increase on 2017 . The data was included in Colliers International ’s quarterly report , which also revealed co - op 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 volume .