NEW YORK CITY—Only last week, we reported that Blackstone would be increasing its headquarter to more than 1 million square feet at 345 Park Ave., and extending the lease on the space through the end of 2034. Those kinds of leases set a benchmark for the "long-term resiliency" of NYC, according to Rudin in a previous article. And the data is behind that statement.
A recent Data Bites report from Avison Young that covers Manhattan, says that through the first half of 2023, leases of 100,000 square feet or greater accounted for 15.4% of all leasing activity by square footage. Conversely, leases of 10,000 square feet or smaller accounted for 39.2% of leasing activity.
The research notes that, year-to-date, 2024 shows a shift, with leases of 100,000 square feet or more increasing their share of leasing activity to 20%, while leases of 10,000 square feet or less decreased their share to 35.4%.
Recommended For You
"It will be interesting to observe if large block leasing continues to drive leasing activity through the second half of 2024 and how it compares to 2023," the report says.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
