Three tenants have signed full-floor leases at Brause Realty’s 21 West 38th Street, bringing the Midtown office building to 100 percent occupancy. Environmental consulting company Partner Engineering and Science signed a new 4,465-square-foot lease on the entire eighth floor of the 17-story building. Meanwhile, the American Lung Association and engineering consultant GPI/Greenman-Pedersen each signed 4,465-square-foot renewals for their full-floor spaces on the third and sixth floors, respectively, according to landlord broker Lee & Associates NYC. Read More
Lee NYC Arranges Relocation for Telecom Infrastructure
Lee & Associates NYC successfully represented Telecom Infrastructure Corp. in its strategic relocation to 2 West 45th Street in Midtown Manhattan. The telecommunications firm is moving from its previous location at 8 E. 41st Street, where it occupied 2,000 square feet, to a new, larger office space as part of its growth plans. Telecom signed a five-year and four-month lease for 3,944 square feet in the 16-story building and is set to move in this…
Q1 2024 NYC Office Overview
New York City’s economy continued to show signs of progress through Q1 2024. As of February 2024, the unemployment rate decreased to 5.10%, marking a 0.20% improvement from the previous quarter and significantly below the historical average of 7.72%. This improvement reflects a growing economy as private sector employment rose by 19,200 jobs year-over-year, totaling 4,090,200. The broader nonfarm job sector nearly returned to its pre-pandemic levels, reaching 98.7% recovery with 4,659,600 jobs. Read the…
Q2 2023 Manhattan Office Market Report
Leasing activity fell below historical levels in the second quarter to 6.2 million square feet, reflecting a 31.4% year-over-year decline and a 29.5% decline from the five-year rolling quarterly average of 8.8 million square feet. Q2 2023 leasing activity outpaced the first quarter due to a 630,000 square foot lease signed at 110 William Street by the Department of Citywide Administrative Services, leading to a 7.4% quarter-over-quarter increase in total activity. For the first half…
Q1 2023 Manhattan Office Market Report
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…
Commercial Observer covers Lee NYC Q4 Office Report
The Commercial Observer referenced Sarah Orcutt’s Q4 Office Market Report in this article discussing leasing activity trends.
Q4 2022 Manhattan Office Market Report
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
Q3 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
Midyear 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