Manhattan Office Market
The vacancy rate increased 20 basis points during the third quarter to 13.7%, as five properties added blocks of space greater than 100,000 square feet. Absorption was negative 424,871 square feet in the third quarter, the most positive output in the previous four quarters. Sublease space was down significantly from the previous quarter as firms such as Lyft withdrew space from the market with intentions to re-occupy the space with new return to office policies. Leasing activity through the first three quarters of the year reached 20.5 million square feet, 24.4% below the output from one year ago.