Manhattan's office market navigated a fog of uncertainty in 2023 that stifled sales transactions and saw overall leasing activity drop to 21.7M SF, a 20% decrease from the volume total in 2022.
Office leasing volume surged to 6M SF in Manhattan in the fourth quarter of 2023, making it the strongest quarter of the year, in a clear signal that the sector is stabilizing and we won't be talking about another 20% drop in activity in 2024.
The year ended with the kind of shot in the arm the office market has desperately needed, a thunderclap of a mega-deal in which the Paul, Weiss law firm inked a 765K SF lease to relocate its offices to 1345 Avenue of the Americas.
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