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What Strong 2017 Economy and CRE Mean for NYC's Future

Cushman & Wakefield's economic overview and office leasing year-end data indicate large corporations still believe in New York.

By Betsy Kim | Updated on January 11, 2018
Richard Persichetti Richard Persichetti, regional director, Tri-State & Northeast, research at Cushman & Wakefield

NEW YORK CITY—If owners continue to upgrade Manhattan’s office supply with new development or renovations, and talent including millennials keeps coming to the city to work, New York will maintain and attract businesses, bolstering CRE. Cushman & Wakefield arrived at that conclusion with its Economic Overview and Office Leasing Year-end reports for 2017.

“New York continues to be the place for companies to maintain a significant presence,” said Lou D’Avanzo, Cushman & Wakefield’s vice chairman, managing principal, Midtown Manhattan, in a press briefing call on Wednesday. “Companies don’t leave New York City because they want to. They leave when they have to.”

Larger Office Space Leases

“2017 was the year of big deals with more than 40% of lease activity attributed to leases greater than 100,000 square feet,” said D’Avanzo. This far exceeds the 28% historical average for leases of this size.

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