April 24, 2017
Lower Manhattan recorded more than 2.3 million square feet in leasing transactions in the first quarter of 2017, according to JLL. More transactions were completed Downtown in the first quarter of the year than in any quarter during the past two years. Additionally, deal volume was 44 percent higher than the quarterly average the submarket has posted since 2007.
“In a reversal from this past year, Downtown led activity with five of the largest leases of the quarter, including Spotify’s relocation,” said Tristan Ashby, vice president and director of New York research for JLL. Leasing activity increased throughout New York City following the presidential election, and remained strong through the first two months of the year. Deal volume was slower in March, but leases are still filtering through.”
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