April 18, 2017
Companies from China are renting more office space in Manhattan. “With globalization, as more and more Chinese are seeking access to the U.S. market, we foresee continued expansion,” according to “Mainland to Manhattan,” a new report from NGKF Research.
Chinese firms currently occupy roughy 1.1 million square feet in Manhattan. While this is only 0.32% of the Class A office market, it’s a huge increase from a few years ago. It’s three times the amount owned by Chinese firms in 2013.
Financial services firms occupy more than half of the total space, with 625,297 square feet. In Midtown Manhattan, nearly all of the Chinese tenants are in Class A office buildings, with the most recent expansions occurring in the Times Square/Bryant Park area, and also the Fifth Avenue/Rockefeller Center vicinity.
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