The beleaguered Wall Street-area office market saw a mild ray of hope with a CBRE report that found relatively robust leasing in May.
The market saw 321,000 square feet of office deals last month, according to CBRE — 17% ahead of the five-year monthly average of 274,000 square feet.
Year-to-date leasing (including subleases) of 1.02 million square feet was 26% over the same period in 2023. Net absorption totaled 667,000 square feet so far in 2024, while availability ticked down 10 basis points in May to 22.7 from April.
None of the new deals or subleases were monumental in size, but the Wall Street area will take the incremental improvement.