Manhattan lease terms surpass pre-pandemic averages
Manhattan length of lease terms by class
- Trophy and class A buildings have seen year-over-year increases in average lease terms of 11.5% and 11.7%, now reaching 129 and 124 months, respectively. This trend reflects occupiers locking down high-end space for longer periods as availability tightens in those property classes.
- Market-wide, the average lease term has risen to 118 months- 3.9% above the 2015–2019 average of 114 months- indicating a broader shift toward longer commitments. This is evident in class B/C buildings, where average lease terms have surged 30.5% year-over-year to 108 months- the highest since April 2019. As top-tier space becomes scarcer, demand is trickling down to more widely available B/C properties, prompting longer commitments there as well.
May 20, 2025
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