January 24, 2019
The fourth quarter was Downtown Manhattan’s best for office leasing since Q2 2011, CBRE said Wednesday. More than one-third of 2018’s total of 5.54 million square feet stemmed from Q4, which was marked by several large deals at 1 and 3 World Trade Center (pictured).
Q4 saw 2.12 million square feet of new leasing, CBRE said. That total—up 192% over Q3—included 786,000 square feet of relocations into the Downtown market, mainly by TAMI tenants.
“Downtown Manhattan leasing showed great momentum as 2018 came to a close, and with several large blocks of space slated to hit the market in 2019, Downtown will see availability jump, creating additional opportunities for a range of tenant requirements in the market,” said Mary Ann Tighe, CEO of the tri-state region for CBRE.
Although this additional supply “could be a drag on the market,” the ongoing strong demand will mitigate the impact, she added.
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