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Office Insight

United States | New York, NY

Report | New York Office Insight - Q1 2017

Summary

​New York City leasing volume bounced back in Q1, following two years of weak activity. 

Downtown led the way in large-block leases, accounting for five of the top ten. The blockbuster deal was Spotify’s 378,000-square-foot relocation to 4 World Trade Center.

Since the start of the year, Manhattan’s vacancy rate is already down 10 basis points. But asking rates have turned flat with the market already in balance and more space coming soon. We expect approximately 11.7 million square feet of new construction to be delivered through 2020.

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