NEW YORK CITY—CBRE reports Manhattan office leasing activity totaled 28.43 million square feet in 2017, up from 22.90 million square feet in 2016, and 6% more than its five-year annual average.
“2017 was an exceptional year for office leasing, due to a vibrant economy that drove numerous large-block transactions,” says Nicole LaRusso, director, research & analysis, CBRE Tri-State. “With positive economic forces at work in the local, national and global economies, we expect 2018 to follow a similarly positive course.”
The FIRE (finance, insurance, real estate) industries accounted for 38% of the total office leasing, the highest percentage in terms of square footage. Transactions for new or renovated buildings drove these numbers including headline deals such as Blackrock's lease at 50 Hudson Yards, Mastercard's space at 150 Fifth Ave. and JP Morgan Chase Digital's expansion at 5 Manhattan West.
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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.
