NEW YORK — Office leasing activity in Manhattan fell almost by half in March from the prior month as the coronavirus outbreak halted business activity in New York City, the U.S. epicenter of the pandemic, a report said on Wednesday. Leasing volume slid to 1.16 million square feet last month from 2.1 million square feet in February, brokerage Colliers International Group Inc said. The first case of coronavirus was confirmed by New York Governor Andrew Cuomo on March 1, suggesting COVID-19, the respiratory illness caused by the virus, was in the minds of New Yorkers for the entire month, said Franklin Wallach, a senior managing director at Colliers in New York. While leases can take weeks if not months to close, it's more than likely the pandemic played a role in the drop in leasing volume, Wallach said. Adjustments to commercial real estate activity after market sell-offs also can take months.

Source: International New York Times April 01, 2020 19:41 UTC