NEW YORK CITY-The lion's share of Manhattan's largest lease deals during the first six months of this year were new leases or expansions. In fact, only three of the top 10 commercial office leases during that six-month period were lease renewals, according to the CoStar Group Inc.'s top 50 Manhattan leases for the first two quarters of 2013.
Last year, during the same period, six of the top 10 deals were lease renewals, reports Crain's New York Business. The surge in new lease and corporate expansion transactions have brokers bullish about the borough's commercial office market.
"There's a real sign of health again, especially in the financial services, legal and media industries which are a very large part of Manhattan occupancies," says Matthew Van Buren, president of CBRE Group Inc.'s New York tri-state region. "I do see the number and size of the deals as a sign of health in the underlying businesses and also see that as a harbinger of a good market."
However, the largest lease deal during the first six months of this year was a renewal--Macy's Inc.'s lease of 647,000 square feet at 11 Penn Plaza. See story in Crain's New York Business.
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