Manhattan office leasing momentum jumped significantly in October compared to September and the same month last year, according to Colliers.
In its monthly office report, the broker said that the rental volume in Manhattan increased 54.1 percent in October compared to September and 24.7 percent from the same 31-day period in 2025, corresponding to the pre-pandemic average, which ended in March 2020.
“The Manhattan office market gained significant momentum in October, as leasing activity accelerated and market fundamentals continued to strengthen,” Franklin Wallachexecutive director of research and business development for Colliers, said in a statement. “Leasing volume rose above historical averages, availability fell to the tightest level since August 2020, and sublet supply fell to the lowest level in seven years.”
Midtown proper saw the highest volume with 2.4 million square feet leased. Approximately 1.5 million square feet in Midtown South and 567,181 square feet in Lower Manhattan.
As the availability rate tightened by 0.1 percent to 12.3 percent in all of Manhattan, the average asking rent rose to $79.47 per square in October compared to $78.36 in September and $75.18 per square in October 2025.
“Additionally, a critical recovery milestone was reached in October as Midtown’s available supply fell below March 2020 levels, Manhattan’s average asking rent matched the pre-pandemic average, and Midtown’s asking rent exceeded its March 2020 average,” Wallach said. “Looking ahead, with year-over-year demand well ahead of last year, Manhattan is poised for the strongest leasing activity since 2000 if current conditions hold.”
Colliers reported some of the biggest drivers in October’s leasing momentum Citadel it ended up making 1.05 million square feet as an anchor tenant at 350 Park Avenue; financial technology company Ramps expanding to 460,300 square feet at 28-40 West 23rd Street; financial services companies Seward & Kissel renew an office of 171,112 square meters One Battery Park Plaza; and Morrison & Foerster‘s renewed 141,148 square feet in the 250 West 55th Street.
Mark Hallum can be reached mhallum@commercialobserver.com.