Last month, Manhattan’s office market surged, nearing pre-pandemic levels, led by robust leasing in Midtown. Nearly 2 million square feet were leased there, contributing to a total of 3 million square feet across all central business districts in May, a 70% increase from last year. Key transactions included Bloomberg’s large lease at 731 Lexington Avenue, the largest since 2019, and substantial leases at 22 Vanderbilt, highlighting market dynamics. These large deals significantly influenced market activity, but despite challenges, the market shows signs of stabilization.

(source: therealdeal.com, picture: Fung Martin)