3 and 4 World Trade Center

January 24, 2019 Comments Off on Downtown Sees Best Leasing Quarter Since 2011 Views: 1816 New York News, Top New York

Downtown Sees Best Leasing Quarter Since 2011

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.

Connect With CBRE’s Tighe

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