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After a challenging couple of years for Manhattan overall, Midtown South rents returned to pre-pandemic levels, ending mid-year at $77.50 psf/yr. This path to normalcy is being driven by commitments to new construction in Hudson Yards.

Despite a strong job market, fear of impending recession fueled by high inflation and tighter monetary policy is slowly starting to impact the Silicon Valley market, driving up the availability rate to 15.6%.

Decreased leasing in LA West throughout the pandemic was offset by steady demand from creative industry tenants, which currently have over 9.2 msf of new space requirements.

San Francisco’s leasing activity in the core CBD districts increased over 50% from H1 2021 as tenants gravitated back to the Financial and South Financial District where proximity to transportation, building amenities, and perceived safety.