Insights

In the first quarter, leasing activity in Manhattan totaled just 5.5 million square feet, a 31.4% decline from the same period last year and a 29.9% decline from last quarter. Larger deals were driven by renewals, indicative of tenants’ hesitancy to commit to significant real estate decisions in the current market. Meanwhile, availability stood at 18.4%, reflecting an additional 36.2 million square feet on the market compared to 2020 Q2, leading to a persisting supply-demand…

See the story covered in Crain’s, New York Business Journal, and Connect CRE.

Senior Managing Director Ben Tapper was interviewed for the February/March issue of Real Estate Capital USA where he discussed how he creates opportunity for NYC owners to maintain generational wealth through the creative use of leaseholds. Full section here:  Ben Tapper Featured in Real Estate Capital USA

This Crain’s article features Justins Myers as he discusses tech firms and their latest approaches to traditional office space in Manhattan.  

The Commercial Observer referenced Sarah Orcutt’s Q4 Office Market Report in this article discussing leasing activity trends.  

At the close of the year, national and local labor markets remained strong despite the Federal Reserve’s continued efforts to cool demand. National unemployment in November was 3.7% while New York City’s rate was 5.8%, unchanged from October but down 1.7% year-over-year. Read the complete report here: Q4 2022 Manhattan Office Market Report

At 8.3 million square feet, Q3 2022 was the strongest quarter for Manhattan leasing activity of the year so far, up by 5.1% from the previous quarter. However, activity was down by 4.6% from the same period last year and 24.8% from the pre-pandemic (2017- 2019) average of 11.0 million SF. Read the complete report here: Q3 2022 Manhattan Office Market Report

Manhattan leasing activity remained steady in the first two quarters of the year but has tapered off slightly from a strong second half of 2021 when leasing totaled 19.0 million SF. Read the complete report here: Midyear 2022 Office Market Report

Garry Steinberg was quoted in the NY Post Article “Over the Shop: Retailers Return to NYC with brave new concepts” where he discussed the current popularity of spaces in Williamsburg.