Leases on NYC office market already ahead of 2017

Leases on NYC office market already ahead of 2017

Published at: 2017-12-06 15:30 | Author: CIJ USA
According to a new office report from Colliers International, uptake in Manhattan has exceeded last year's total and is ahead of the full-year totals for seven out of the last 10 years. The year to date total of 33.11 million square feet is just ahead of last year's total of 33.1 million. The 3.59 million square feet leased in November represents an 82.4 percent increase over the total from last November with an average asking price $72.05 per square foot. Manhattan is on track to record its most-active year since 2014, when tenants inked 37.38 million sqf of leases. “From the demand side, it really is a remarkable market,” said Craig Caggiano, executive director for Colliers’ tri-state region. “We are tracking some sizable transactions that have the possibility to close by the end of this month and that could change the position of 2017 relative to the last 10 years.”

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