Photo of Michael Cohen

NEW YORK CITY—The third quarter saw the US office sector continue its run of strong performance, with rents either holding steady or rising in the sector's 10 leading markets, according to Colliers International's latest report. Yet while the traditional industries contributed to that success story, the real trendsetters lately have been comparative newcomers.

In early October, Dropbox signed the largest office lease San Francisco has ever seen: 736,000 square feet, representing the entirety of Kilroy Realty's Exchange on 16th development. And Colliers notes that creative office space providers, including WeWork, are increasing their presence in several markets, notably Boston. To get a handle on the brave new world of office leasing, GlobeSt.com spoke recently with Michael Cohen, president of the New York tri-state region at Colliers. An edited version of that conversation appears below.

GlobeSt.com: The third quarter was marked by major leasing deals in many markets from tech firms as well as coworking firms. And we also saw a push in a number of markets to attract Amazon for its HQ2. Can we chalk all of this up as simply more evidence of how important tech has become to the office sector?

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.