Office Space

The leasing volume for office space in Manhattan just had its best year since 2001 with a large amount of activity coming from the tech sector. Some of the largest deals inked were Facebook’s 1.48 million-square-foot lease across three Hudson Yards buildings and Google's 1.3 million-square-foot lease at Oxford Properties Group’s St. John’s Terminal development.

Total leasing activity in Manhattan increased for the fourth year in a row to reach 42.97 million square feet, up 2.9 percent year-over-year and 28.4 percent above the ten-year average. After hitting an all-time high of $79.77 per square foot in the third quarter, average asking rents dipped slightly to $78.78 at the end of the year following a few large above-market deals.

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