{"id":149904,"date":"2026-03-02T18:00:35","date_gmt":"2026-03-02T18:00:35","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/149904\/"},"modified":"2026-03-02T18:00:35","modified_gmt":"2026-03-02T18:00:35","slug":"manhattans-office-availability-rate-increases-for-first-time-in-two-years-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/149904\/","title":{"rendered":"Manhattan\u2019s Office Availability Rate Increases for First Time in Two Years \u2013 Commercial Observer"},"content":{"rendered":"

In a departure from several consecutive quarters of increased office leasing and decreased availability rates, Manhattan\u2019s office market saw a switchup in activity in February, according to the latest monthly snapshot from Colliers<\/a>.\u00a0<\/p>\n

Manhattan\u2019s total office leasing activity for February \u2014 2.23 million square feet \u2014 was down 39.5 percent since January and was 29.7 percent lower than in February 2025, Colliers found. The demand in February was also 19 percent below the 10-year monthly average.\u00a0<\/p>\n

SEE ALSO: Hedge Fund SummitTX Capital Moves to 18K SF at Rudin\u2019s 560 Lexington Avenue<\/a><\/p>\n

Plus, the availability rate for office space in Manhattan grew for the first time in two years by 0.1 percent on a month-over-month basis to 13.6 percent, with 200,000 square feet of negative absorption. Availability is a measure of space that is currently available or will soon become available.<\/p>\n

\u201cWith supply outpacing demand in February, Manhattan\u2019s availability rate increased for the first time in two years,\u201d Franklin Wallach, executive managing director of research and business development for Colliers in New York, said in a statement.<\/p>\n

Yet, while overall availability in Manhattan ticked up a bit from January to February, the availability rate in Lower Manhattan and Midtown South remained the same month-over-month, at 13.3 percent in Midtown South and 16.3 percent in Lower Manhattan.<\/p>\n

\u201cThere were still silver linings in February that illustrated Manhattan\u2019s continued recovery as the availability rate remained stable in Midtown South and Downtown,\u201d Wallach added. \u201cAll three Manhattan markets recorded higher asking rents \u2014 with Manhattan\u2019s average at the highest since August 2020 \u2014 and the overall available supply was reduced by more than 25 percent since February 2024.\u201d<\/p>\n

The top five lease transactions signed in February were for Fanatics<\/a>, which took 210,000 square feet<\/a> at 95 Morton Street; Latham & Watkins, which expanded to 131,354 square feet at 1285 Avenue of the Americas; the New York City District Council of Carpenters Benefit Funds, which expanded to 86,945 square feet at 395 Hudson Street; cloud computing company Snowflake, which took 82,505 square feet at 7 Times Square; and Datasite<\/a>, which signed a lease for 75,836 square feet at 3 Columbus Circle.<\/p>\n

Amanda Schiavo can be reached at aschiavo@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"In a departure from several consecutive quarters of increased office leasing and decreased availability rates, Manhattan\u2019s office market…\n","protected":false},"author":2,"featured_media":149905,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[62766,62767,62768,2361,75,84,83,1286,9,24,63,2362,34512],"class_list":["post-149904","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-3-columbus-circle","tag-95-morton-street","tag-franklin-wallach-channel","tag-leases","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-more","tag-new-york","tag-new-york-city","tag-nyc","tag-office-leases","tag-research-analysis"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/149904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=149904"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/149904\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/149905"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=149904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=149904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=149904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}