Manhattan Office Leases Are Getting Smaller and Shorter
News Source : Commercial Observer
News Summary
- Midyear reports indicate that leasing in the first half was the strongest it’s been since 2014.
- Sixty-seven percent of all office deals were for spaces in that 5,000- to 14,999-square-foot range.
- While deals for large, luxurious Class A offices with a yacht-load of amenities may attract the most attention, market activity is, in a sense, growing smaller.‘Because of AI, we’re outsourcing a lot more and hiring a lot less.
- So our space needs are shrinking,’ said Evan Margolin, vice chairman of tenant representation at JLL.
On the surface, Manhattans office sector is a rosy picture of health entering the second half of 2025.Midyear reports indicate that leasing in the first half was the strongest its been since 2014, [+12020 chars]
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