[NYguy]

There are still tenants out there looking for 1msf+.


https://nypost.com/2024/01/31/busine...and-surges-40/

Manhattan office market rebounds faster than rival cities as NYC demand surges 40%


By Steve Cuozzo
Jan. 31, 2024

Manhattan’s pandemic-pummeled office market is headed for a spectacular rebound — and not only landlords, but business advocates and eatery owners are thrilled.

Although the Manhattan office market hit bottom in 2023 with more than 20% vacancy rate, the short-term future looks rosier, according to a new report from national real estate technology platform VTS.

Its latest quarterly Office Demand Index (VODI) found that demand for space in the Big Apple rose nearly 40% in 2023 over the previous year — lifting demand to 75% of pre-pandemic times.

By comparison, office space demand grew by only an average 19.6% around the US. The New York City market is the nation’s largest by far with nearly a half-billion square feet. Runner-up Los Angeles has only 317 million square feet and much-in-the-news Miami a mere 41 million square feet, according to brokerage CBRE.

Kathryn Wylde, president of the Partnership for New York City business-advocacy organization, said the findings were “consistent with anecdotal evidence from our members, many of whom are re-upping leases or moving to newly renovated or brand new spaces.”

She noted, “Financial and professional services industries, which are our major office employers and tenants, account for an out-sized share of the tax revenues that fund municipal services.

Keeping those businesses and their employees in the city are not just good for our economy, but essential for the quality of life across all five boroughs.”

Several deals that were in the works last year actually got done this week.

Sources told The Post that Barclays Bank renewed its lease for 1.1 million square feet at 745 Seventh Ave. Evercore, an investment banking advisory firm, added 95,000 square feet at Fisher Brothers’ Park Avenue Plaza, lifting its footprint there to more than 500,000 square feet.

Meanwhile, Blackstone, Jane Street Capital and American Express are among top-class tenants reportedly looking for large blocks of space to move or expand in Manhattan.

https://nypost.com/2023/10/27/real-e...-in-manhattan/

Hippo-sized companies like Blackstone, American Express and Jane Street Capital are known to be in the market, scouting for about 1 million square feet each.