Manhattan Office Leasing

Office leasing activity in the Manhattan office fell off a cliff in October, dropping 40 percent compared with the month before. The dismal stat underscores lingering challenges for the nation’s premier office market. Not so challenged right now: multifamily, which remains a port in the macroeconomic storm for investors. Let Stuart Boesky explain.

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— Tom Acitelli, Co-Deputy Editor

Office Leasing in Manhattan Drops 40 Percent From September to October

As if Halloween wasn’t scary enough, Manhattan’s office market just got a little more terrifying. Manhattan saw 1.59 million square feet of office leased last month, a 40 percent drop from September and the lowest monthly total since May 2021, according to a report from Colliers. The borough’s availability rate also increased 0.4 percentage points month-to-month to 16.8 percent, the biggest increase since December 2021, as several high-profile companies cut back on their office space. Despite the grim October, this year has looked a bit better than last for Manhattan leasing. So far, the borough’s had 25.77 million square feet of leasing activity, an increase from the 19.03 million during the same time last year, according to the report.

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Stuart Boesky Is Bullish on Affordable Multifamily — Just Not in New York

Things can get complicated, even when you’re working toward a good cause. For Stuart Boesky, that’s the situation for affordable housing in New York City. The CEO of Pembrook Capital Management, a Manhattan-based private equity fund manager focused on real estate, pivoted his attention from New York to both Florida and California prior to the pandemic. But affordable rental housing is definitely not something Boesky is turning his back on. In fact, he thinks it is a good and defensive investment, especially in times of economic distress (like now).

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