Manhattan office leasing surged over 20% in August to 3.7 million square feet, well above the 10-year average. If demand continues, yearly volume could exceed 40 million square feet for the first time since 2019. The legal sector saw record leasing in 2023 and flight to quality in new constructions like One Vanderbilt, Hudson Yards, and Manhattan West. Availability rate for newer office space dropped to 6.7%, while overall availability rate in Manhattan fell to 15%, the lowest since January 2021. Asking rent for Manhattan offices was $74.73 per square foot in August, a 1% increase from July. Office conversions have removed nearly 9 million square feet of office space from the Manhattan market over the last four years.

Read more at CNBC: Manhattan office leasing on track to hit highest volume since 2019