Manhattan Office Vacancy Dips for the First Time in Two Years

Demand for office space in Manhattan continued its downward slide in the third quarter of 2023, but the office vacancy rate dropped for the first time in nearly two years. Office leasing activity across Class A and B buildings fell 18 percent compared to last quarter to finish at a total volume of 4.2 million square feet, according to a JLL (JLL) market report, which excludes Class C buildings. The last time office vacancy in Manhattan was on a downward path was the fourth quarter of 2021, according to JLL.