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In August 2023, Manhattan’s office leasing volume reached 2.54 million square feet, marking four consecutive months of growth and notably boosted by Davis Polk & Wardwell’s 700,000-square-foot extension and expansion at 450 Lexington Avenue. According to a Colliers office snapshot for the month of August, this is the strongest monthly performance since January 2020. However, leasing activity must surge in upcoming months to surpass full-year 2022 figures.

Manhattan’s overall availability rate remained steady; however it remains at record high levels in both Manhattan and Midtown South while Midtown tightened slightly and Downtown experienced an increase in its rate as well. Although sublet availability hit its lowest point since January 2020 across Manhattan overall there was a significant year over year increase with total sublet inventory up 76% from March 2020 figures alone due largely to premium priced blocks within Midtown South which also saw average asking rent reach new highs for the area as well..