October 12, 2017
Companies leased 7.4 million square feet of office space in Manhattan in the third quarter — that’s 12% more than the average quarterly leasing over the last five years, according to CBRE.
“With strong employment growth and an active roster of FIRE, TAMI and government tenant leases, the Manhattan office market continues to perform well,” said Nicole LaRusso, director of research & analytics, CBRE Tri-State.
And it’s not just the last three months. So far this year, companies have leased nearly 21.1 million square feet of office space, up 24% from the same period the year before. New office building leasing on the Far West Side has attracted many of these new leases. The percentage of available space fell to 11.7% in the third quarter, down 30 basis points from the second quarter, but up 30 basis points from the year before.
The strong demand has encouraged developers, who are expanding their plans to build new properties.
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