Manhattan’s office market experienced a strong surge in July, with leasing activity reaching 3.87 million square feet—a 27 percent increase from June and a 28 percent year-over-year rise. Total year-to-date volume reached 26.6 million square feet, keeping 2026 on track for its strongest annual performance since 2000. Consequently, available inventory shrank to 66 million square feet, its lowest level since September 2020 and down more than 32 percent from its post-pandemic peak.

The tech-centric Midtown South submarket drove nearly half of all deals, headlined by Anthropic’s 466,000-square-foot ...