The Global Commercial Real Estate Services, which provides data and research material to realtors and developers, released a new report on April 7 showing around a 96 percent rise in Manhattan’s year-over-year leasing activity for Q1 2022.
The NYC commercial real estate market appears to be making a recovery after a downturn during the pandemic, but is still not up to pre-2020 levels.
Many office workers are still partially working from home and some companies have moved out of the city.
There were 5.68 million square feet of transactions compared to the same time in 2021, but 9 percent behind the five-year quarterly average of 6.22 million square feet pre-pandemic.
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