Report | New York Office Insight - Q4 2015
Rents across New York remain high—especially in the Midtown Trophy sector—but overall leasing activity in NYC hit the brakes in 2015. This was especially drastic Downtown where activity fell more than 50 percent from its high water mark just a year prior.
Large-block leases were hit hardest in Lower Manhattan, with only six deals getting done of more than 100,000 s.f. over the last 12 months. We attribute a large portion of that drop to the city’s maturing tech scene, which has forced some tenants to looks towards short-term or co-working options with space so limited in top tech submarkets like Midtown South.
Learn more about what’s happening—and what we expect to occur in the coming months—across the New York City office market in our Q4 US Office Insight.
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