Manhattan office market exposure to the banking industry could put stress on high-quality assets

Banking occupancy share in Manhattan

Note: Based on active leases.

  • Historically, banking sector occupiers in Manhattan have preferred high-quality office assets, and this trend continues today, with 86.7% of their office footprint in Trophy and Class A buildings.
  • However, recent bank closures could spell trouble for landlords of these top-tier assets, who rely on the banking industry to support their rent rolls.
  • The greatest concern is in Midtown Manhattan, particularly the transit-oriented Midtown Core and Grand Central submarkets, where 49.3% of the banking industry's footprint is located.

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