In the post-pandemic era, upscale buildings have surged in demand, now dominating Manhattan's landscape. According to the latest report from Avison Young, Class A and Trophy assets occupy a significant 295 million square feet, accounting for 57.7% of the city's total inventory in 2024.
Of that share, 32 million square feet of the properties recorded base rents that were at least $100, which accounts for 6.2 percent of the entire inventory. That breaks down to 22 million square feet of trophy and 10 million square feet of Class A space. In addition, those two property types made up 76.7 percent of the lease deals struck last year.
“Landlords of trophy and class A buildings are starting to reduce concession packages based on the markets continued flight to quality,” Danny Mangru, U.S. office lead of market intelligence for Avison Young, said in a statement.
Recommended For You
The total inventory in Manhattan spans 512 million square feet, according to the CRE firm.
So far 2025 has seen some major deals involving high-quality space in Manhattan. This includes Uber expanding its lease at 3 World Trade to occupy a total of 351,500 square feet at the Class A property. Jane Street Group, LLC signed a renewal and expansion at 250 Vesey Street for 983,791 square feet of space, also in Downtown Manhattan. Additionally, IBM inked a deal to acquire another 92,663 square feet of space at its One Madison Avenue office in Midtown South.
In the fourth quarter, investment in Manhattan fetched mixed results in Avison Young's property sales report. The 76 transactions and $3.3 billion in dollar volume represented a drop of four percent and a six percent rise respectively from the previous three months.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
