YE 2021 Manhattan Overview

Manhattan’s office market rebound began in earnest in 2021 but is still in its early days of recovery. The bounce back reflects improvement in office tenant requirements and new leasing volumes, strong momentum in the rebound of the U.S. economy, increasing levels of NYC office-using employment, and success in vaccination levels in the Tri-State region. While headwinds remain – most notably in the form recurring Covid-19 variants delaying official return-to-office plans and elevated office availability – there is reason for optimism as demand drivers showed significant improvement throughout the year, and the local and U.S. economies are learning how to function amid the various waves of the pandemic.