Large block leases are taking a larger share of the Manhattan office market
- 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.
- 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%.
- 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.
June 6, 2024
US-NY-NYC New York