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Tighe: “2014 Was Definition of a Good Year”

NEW YORK CITY—Whether tracking just Q4 or the entire year, the Manhattan office market posted a very strong performance, according to new CBRE data presented Wednesday in Midtown.

By Rayna Katz | Updated on January 14, 2015

NEW YORK CITY—The city’s office market packed a punch—not to mention a few surprises—in 2014. Velocity, absorption and rent all posted impressive growth, yet several new trends emerged that likely will continue this year, said CBRE‘s Mary Ann Tighe, CEO, New York tri-state region and Peter Turchin, vice chairman, Wednesday at the company’s Q4 2014 and year-end briefing, in Midtown.

At just shy of 30 million square feet, Manhattan’s office leasing activity last year was 20% above the nearly 25 million square feet of leasing done in 2013. Absorption rose last year too, jumping by a staggering 5.2 million square feet to 5.39 million square feet from the previous year’s 200,000-square-foot total. Even the average asking rent Downtown—which heretofore had been a value play for occupiers—reached an all-time high of $51.97.

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