The Manhattan office market is showing notable improvement as we enter the second half of the year. Key indicators of this improvement include a potential peak in the overall office availability rate and a resurgence in leasing activity. Notably, 258 new office leases exceeding 10,000 square feet have been signed, totaling 7.3 million square feet.
This marks a substantial 49% increase in square footage compared to a year ago and a 21% increase in the number of deals, underscoring the trend towards larger transactions. Significant leases recently finalized include Bain & Co.’s relocation to 22 Vanderbilt, encompassing 235,000 square feet; Covington & Burlington’s commitment of 235,000 square feet at 30 Hudson Yards; and Tradeweb Markets’ relocation to 245 Park Ave, securing 75,000 square feet.
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