Q3 2020 Manhattan Office Market Report
With a 45% increase in leasing activity quarter-over-quarter, the market still lags behind year-over-year volume. Over 2 million square feet of sublease space was added to the market in Q3, which will continue to push rents down as demand slips. Concession trends are showing tenant improvement allowances above $100 per square-foot and between 12-14 months of free rent.