New York 2019 Q2 Office Market Report

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Large tenants are making moves as concessions reach record levels

Activity across the Manhattan office market remained strong through the first half of 2019, with leasing volume for the quarter topping 9.9 million square feet (msf). Year-to-date activity totals 18.4 msf, the second-highest mid-year total in the past five years. Tenants aren’t hesitating to make a move in the current climate, and large users are particularly active. Nearly 30 leases greater than 100,000 square feet(sf) were signed through mid-year. More than half of those were seen in the second quarter with significant relocation commitments from AIG (320,745 sf), Justworks(264,938 sf) and BMO Capital Markets (215,056 sf). The boost in activity has reduced availability across the overall market by 80 basis points year over year, now at 10.6%. 

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