Despite an unexpected package unwrapped this week down the street from Rockefeller Center’s Christmas tree—a 1.2M lease renewal by Fox Corp. and its News Corp. spin-off of their HQ at 1211 Sixth Avenue, the largest NYC office lease in three years—net absorption turned negative in Manhattan in Q4 as leasing activity plunged by nearly 43%.

Manhattan’s fourth quarter net absorption total of negative 346K SF left the largest US office market with an annual net absorption of negative 1.6M SF, according to a Q4 market report from Newmark.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Jack Rogers



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.