April 28, 2017
The biggest office leasing deals largely involved companies that already leased Manhattan office space, signing leases for more square-footage in the first quarter of 2017.
Companies leasing office space expanded the amount of their space in Manhattan in nearly three-quarters (73%) of the 123 deals recorded by CBRE in the first quarter 2017 in which tenants leased more than 10,000 square feet. Overall, these transactions added a net 1.57 million square feet to the demand for office space.
“Technology firms accounted for the largest volume of net expansion, led by Spotify’s lease at 4 World Trade Center, which included 263,000 square feet of expansion space,” said Nicole LaRusso, director of research and analysis for CBRE Group. “Financial services firms also expanded notably this quarter, posting 281,000 square feet of net growth.”
Other growth sectors included media and entertainment, real estate, marketing and public relations, healthcare and law — while firms involved in apparel and retail sales and professional services posted net contractions.
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