Manhattan office demand just couldn t keep up with new supply in 2016 Absorption falls for first time since ’09
(Credit: David Brin)
Tenants gobbled up more than 33 million square feet of Manhattan office space in 2016, pushing leasing activity up 5.5 percent year-over-year, according to a new report from Colliers International. But even as large chunks of new supply came online, many big tenants chose to renew their leases and stay put, resulting in the market seeing negative absorption for the first time since 2009.
Demand was strong last year, with WeWork on a tear signing roughly 800,000 square feet of new leases and expansions and Swiss bank UBS renewing 900,000 square feet at RXR Realty’s 1285 Sixth Avenue, Colliers data show.
In fact, the 33.1 million square feet leased in 20上海夜网