Office Leasing in Manhattan



By George Lacher

Office leasing in Manhattan has hit a wall this summer, due in part to the upcoming presidential election. As it seems, many companies are waiting until after the November election to pull the trigger on office lease deals. Tenants are finding ways to extend leases and use less space more efficiently, which is causing the lull in office leases.

Although the volume of leases has stayed the same, the price per square foot on office spaces has continued to rise. From June to July, the average asking rent has risen by $0.25 per square foot.

With the continued increase of office workers in New York City, office leasing is expected to pick up soon after the presidential election. The number of office workers in NYC has gone up by nearly 100,000 in the past two years, and those numbers are expected to increase following the election as well.

Come back to our site soon for more information about the leasing activity in specific Manhattan neighborhoods…

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