NEW YORK CITY—Only last week, we reported that Blackstone would be increasing its headquarter to more than 1 million square feet at 345 Park Ave., and extending the lease on the space through the end of 2034. Those kinds of leases set a benchmark for the "long-term resiliency" of NYC, according to Rudin in a previous article. And the data is behind that statement.
A recent Data Bites report from Avison Young that covers Manhattan, says that through the first half of 2023, leases of 100,000 square feet or greater accounted for 15.4% of all leasing activity by square footage. Conversely, leases of 10,000 square feet or smaller accounted for 39.2% of leasing activity.
The research notes that, year-to-date, 2024 shows a shift, with leases of 100,000 square feet or more increasing their share of leasing activity to 20%, while leases of 10,000 square feet or less decreased their share to 35.4%.
"It will be interesting to observe if large block leasing continues to drive leasing activity through the second half of 2024 and how it compares to 2023," the report says.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
