Manhattan office market dominated by large deals
According to CBRE, 2017 was a year of large deals for Manhattan’s office market for securing space larger than 100,000 square feet, including 11 transactions of greater than 250,000 square feet.
CBRE reports in all, 33 new office leases or expansions accounted for 8.2 million square feet of leasing activity last year, making up 29% of the 2017’s total leasing activity.
FIRE (Financial Services, Insurance and Real Estate) and TAMI (Technology, Advertising, Media and Information) tenants completed 13 and seven transactions over 100,000 square feet last year, respectively.
“As the U.S. economy continues to expand, FIRE and TAMI tenants opted to take advantage of the advancements being made to modern office space and invested in space that would suit business and employee needs for the long term,” said Nicole LaRusso, Director, Research and Analysis, CBRE Tri-State. “2017 provided tenants with the luxury of choice. Several new office properties came to market and existing buildings were brought into the modern age, complete with advancements in technology and amenity spaces dedicated to improving the workplace.”