NEW YORK CITY—CBRE coined 2017 the “Year of the Large Deal.” Thirty-three leases signed in 2017 totaled more than 100,000 square feet, including 11 leases of more than 250,000 square feet. These large space leases accounted for 8.2 million square feet, amounting to 29% of the year's total leasing. This was significantly higher than the previous ten-year average of 18%.
For leases over 100,000 square feet: FIRE (financial services, insurance and real estate) tenants completed 13 transactions, the largest number for this sector in the last decade. TAMI (technology, advertising, media and information) tenants completed seven transactions.
Across industries, more than 60% of the greater than 100,000 square-foot leases were for space in new construction or assets undergoing substantial renovations.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
