March 8, 2017
Most of New York City’s 2016 largest leasing deals took place in Midtown.
Last year, 37 of 50 leases on CoStar’s Top Manhattan Office Leases list were for space in Midtown – approximately three of every four deals – up from 35 of the top 50 leases the year before.
New leases outpaced renewals or expansions, comprising 29 of the 50 largest leases. The largest new lease of the year was approximately 418,000 square feet for Major League Baseball at 1271 Avenue of the Americas, according to the Avenue Report, conducted by Rockefeller Group for the Avenue of the America’s Association, based on CoStar data.
“Over the past few years, new construction has raised the bar for office owners in Manhattan,” said Dan Rashin, co-president and CEO of the Rockefeller Group. “The response has been reinvestment.”
(Midtown is was also the place for large property sales in 2016, according to recent reports.)
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