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.

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Jack Rogers

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