Manhattan 2024 leasing activity leads post-COVID recovery among major markets

Leasing activity, 2024 vs. pre-COVID averages (2015-2019)

 

  • Despite national leasing activity remaining below pre-COVID averages, Manhattan has seen the most recovery among major office markets. In Manhattan, 2024 leasing activity was just 10% below pre-COVID levels. Meanwhile, major office markets like Washington D.C., Dallas and Atlanta are 20%, 21% and 21% below 2015-2019 activity, respectively.

 

  • At 35.9 msf, 2024 leasing activity in Manhattan was up 17.2% from 2023, and was the highest value since 2019. This surge of activity in 2024 is why Manhattan is leading the way in recovery among major office markets.

 

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