Manhattan office leasing jumped 31.3% above the 10-year average in Q2. Colliers wrote this down. Someone read it. Now you're reading about it.
The strongest gains in 20 years. Twenty f*cking years. Which means the last time office leasing peaked this hard, you were watching The Osbournes and trading Enron. That's the comp. That's the benchmark we're celebrating.
Colliers measured volume. Not price. Not actual humans showing up to these offices. Just volume. Leases signed. Pieces of paper with signatures that commit companies to pay rent on square footage that half their employees will visit twice a month to attend a mandatory pizza party.
Every retail trader who reads this headline will immediately check REITs. They'll buy shares in something called VNO or SLG because the letters look official. They'll tell themselves they're riding a wave. They're not riding anything. They're drowning in ticker symbols they can't pronounce while institutional money already priced this in during the pre-market at 4:47 AM on a Wednesday three months ago.
The volume is above average because the average includes 2020 when nobody leased anything and 2021 when companies were still pretending Zoom was the future. Beating that average is like outrunning a parked car. Colliers got paid to write this report. Someone got paid to read it. You read it for free.
Twenty years. The strongest gains. And your chart still looks like a drunk man's EKG because none of this matters to price action tomorrow.
Photo by Jason Krieger on Unsplash
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