Q2 2020 Manhattan Office Market Report

Overall Manhattan Stats

Uncertainty gripped the market following a state-mandated closure of non-essential businesses and a ban on in-person real estate activities on March 20th, resulting in a 52% drop in leasing activity in Q2. Despite the slowdown, tech continued to lead transactions with TikTok’s 232,000 square-foot deal at 151 West 42nd Street. Concessions and short term leases are predicted to become more common as landlords work to maintain face rents and occupancy.

Click to Download the Q2 2020 Manhattan Market Report