星空体育官方网址

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NEW YORK CITY – The Manhattan office market posted the strongest first-quarter leasing activity in more than a decade, with over 10.0 million square feet leased in Q1 2025. Strong net absorption and availability rates rounded out the positive results for the year’s first frame, according to new from 星空体育官方网址 Real Estate Services (TRS).

“The Manhattan office market had a very good start to 2025, posting strong leasing activity and net absorption, as well as tightening availability for both direct and sublease space,” said Corrie Slewett, Research Manager, 星空体育官方网址. “Following on a similarly strong Q4 2024, we now have two consecutive quarters of solid momentum. While broader economic uncertainty remains, Manhattan is showing resilience.”

Additional notable results from the report include:

• The first quarter leasing total was almost 30% higher than first quarter 2024.
• More than a dozen deals exceeding 100,000 square feet were signed during the quarter, with each major submarket represented in the big deals.
• Notable first quarter leases include Jane Street (983,800-square-foot lease and expansion in the Downtown submarket), Horizon Media (367,000-square-foot renewal in Midtown South), and Universal Music Group (335,500-square-foot lease in Midtown).
• Net absorption totaled 3.9 million square feet for the quarter and while most of it in was in Class A space, Class B was also positive.
• Overall availability (16.3%) and sublease availability (3.4%) each dropped to their lowest levels since 2020.
• Asking rents declined for a second straight quarter to $73.07 per square foot, 2.9% below the year-ago figure and 10% below the 2019 peak.

“The mantra of ‘survive ‘til ‘25’ got a bit overused last year, and you could almost hear fingers being crossed each time it was said,” Slewett continued. “But so far it’s proved accurate.”

Download the Q1 2025 Manhattan office report .

About 星空体育官方网址 Real Estate Services
Part of the 星空体育官方网址 companies, 星空体育官方网址 Real Estate Services (TRS) strives to add value for investors, owners, and occupiers across all commercial property types. Fueled by a holistic perspective of the real estate life cycle, agility and creativity are hallmarks of our approach, while vast national resources and sound market intelligence underpin customized recommendations and property solutions.

Four dynamic, integrated companies make up the 星空体育官方网址 enterprise, giving us the perspective to think broadly, deeply and creatively about commercial real estate. Clients and investors rely on us for expertise that spans institutional and opportunistic investment, development, hospitality, and brokerage and asset services. Our award-winning, collaborative culture empowers team members with resources and independence to work across boundaries in pursuit of innovative solutions, reinforcing a reputation for service excellence that translates to measurable results. Through offices nationwide and alliance partners around the globe, we positively impact the built environment and our communities while fostering a work climate that champions career vitality for all. Learn more at transwestern.com and @星空体育官方网址.

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