Manhattan Office Leasing & Rent Report Shows Increase In Demand – But Good News For Tenants

The pandemic has skyrocketed the number of remote workers throughout the world – but Manhattan employees are slowly coming back to offices.
An average weekday sees almost half of office workers at the workplace – an 11% increase over April 2022 – with January estimates at 54%.
And while just 9% are in the office five days a week, the majority of employees expect their in-office staff number to either stay the same or increase in the near future.
The effects of this trend on the lease market are more complex.
A new report Cogent Realty Advisors report indicates that, in spite of the expected upward trend, the current market is still favoring tenants.
“Class A and ‘in demand’ properties are competing by offering enhanced tenant incentives.” said Cogent Realty founder Mitch Waldman.
“These include rent concessions (the free rent period) and cash contributions used for the construction of new offices.”
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