Co-working firms are a definite force in the market, accounting for slightly more than one-fourth of all FIRE tenant deals (15% of Manhattan's total leasing volume) in the third quarter. Co-working firms are a definite force in the market, accounting for slightly more than one-fourth of all FIRE tenant deals (15% of Manhattan's total leasing volume) in the third quarter.

NEW YORK CITY—Office leasing activity in the third quarter of this year rose more than 10% and reached the highest volume in the last four years. The strong overall commercial office market in Manhattan led to a new quarterly record price per-square-foot at nearly $75.86.

Third quarter leasing activity was 25.4% above Manhattan's five-year historical average and a sizable 48.5% above its 10-year average, according to a report released by commercial brokerage firm Colliers International.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.