In the latter half of 2023, Manhattan’s office market experienced a surge in leasing activity for newly constructed buildings built after 2010. According to Colliers’ H2 2023 Manhattan Office Construction Report, there was a total of 0.71 million square feet leased during this time period.
This marked a significant increase from the previous six months where only 0.56 million square feet were leased. The majority of these deals took place in Midtown South, accounting for about 62.8% of all activity and primarily occurring in the Hudson Yards/Manhattan West submarket.
Some notable transactions included Marshall Wace’s lease for 79,000 square feet at 66 Hudson Boulevard, BBVA’s lease for74,000 square feet at2 Manhattan West,and Rippling’s sublease for69 ,000squarefeetat4WTC.NotabledealsinrenovatedbuildingsincludedQuinnEmanuel ‘s132 ,000-square-footleaseat295FifthAvenueandBDT&MSDPartners ’72 ,00 -square-footleaseat550MadisonAvenue .
The area with the most new construction during this period was Midtown South as reported by Connect CRE .
