- 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.