More and more, prime Manhattan office buildings are turning on the “No Vacancy” light.
While the city’s vacancy rate is still much higher than pre-pandemic levels, the best big blocks in better buildings are being snatched up — some reaching 100% occupancy — so brokers are urging tenants to act fast or be left scrambling.
According to Savills, leasing reached a robust 10.5 million square feet in the third quarter — a 20% bump over the previous quarter — bringing the year-to-date total to 32 million square feet, which puts it within reach of 2019’s total leasing of 41.5 million square feet. 4
So far, Colliers has reported 1.85 million square feet leased in the fancy Plaza District, with another 1.05 million square feet at the newer towers at Hudson Yards/Manhattan West.
About 77% o