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Office:
Rising rents for top-quality office spaces as landlords are receiving multiple bids. The return-to-office mandates, along with office buildings being converted or demolished, have led to tighter supply and increased demand.

Retail:
Museums, schools, sports, and dry goods led retail leasing activity last month.

Sales:
Sales activity is primarily driven by residential real estate sales and conversions. It will be interesting to see whether the war in Iran will depress sales and leasing activity.

New York Market Overview

Office:

  1. American Express leased 2 million SF at 2 World Trade Center.
  2. Bank of America leased an extra 600,000 square feet on a 20-year triple-net lease at One Bryant Park.
  3. BXP leased 230,000 square feet at 360 Park Avenue South.
  4. Burlington Stores renewed and expanded its lease at 400 Broadway in the Garment District for 206,000 sf.
  5. Clay inks 163,000 sf lease at 11 Madison Avenue.
  6. New York City Department of Environmental Protection signed a 20-year lease at 24-02 49th Avenue in Long Island City for 155,000 sf.
  7. JPMorgan Chase signed a new lease expansion at 5 Manhattan West in the Hudson Yards for 139,000 sf.
  8. Latham & Watkins leased an additional 131,000 RSF at 1285 Sixth Avenue.
  9. Fanatics leased 105,000 sf at 95 Morton Street.
  10. Harvey AI is adding more than 90,000 square feet at One Madison Avenue.
  11. Uber subleases an additional 86,000 SF at 3 WTC.
  12. Snowflake signed an 83,000-square-foot lease at 7 Times Square.
  13. Point72 Asset Management signed a lease for 60,000 square feet at 66 Hudson Boulevard, as well as part of the 21st floor.
  14. Industrious expanded at Tower 49 by 52,000 square feet to 292,000 square feet.
  15. Carlyle Group signed a lease for 50,000 sq ft at 245 Park Avenue (a 10-year lease) and 52,000 sq ft at 200 Park Avenue.
  16. Linklaters signed a 10-year expansion at 1290 Sixth Avenue for 48,000 sf.
  17. Thompson Coburn signed a lease at 488 Madison Avenue for 46,000 sf.
  18. Groombridge Wu Baughman & Stone leased 43,000 SF at 1185 Sixth Avenue for a 13-year lease.
  19. Nespresso renewed its lease at 111 West 33rd Street for 42,000 sf.
  20. East West Bank leased 38,000 sf at 345 Park Avenue.
  21. WeWork leased 37,000 sf at 511 Fifth Avenue.

Retail:

  1. Balloon Museum leased 54,000 SF at 96 South Street in the Tin Building.
  2. T.J. Maxx renewed lease at 250 West 57th Street for 46,000 sf.
  3. Sky Zone signed a new lease at 517 East 117th Street for 35,000 sf.
  4. Zeta Charter Schools signed a new two year lease at 517 West 164th Street for 35,000 sf.
  5. Gotham Pickleball signed a new lease at 52-37 Second Street for 26,000 sf.
  6. Los Angeles Apparel signed a 10-year lease for 24,687 square feet at 480 Broadway.
  7. JPMorgan Chase signed a new lease at 1 Grand Central Place for 22,000 sf.
  8. Sora signed a new 15-year lease at 370 Broadway.
  9. Meta signed a 10-year, 15,000-square-foot retail lease for the entire five-story townhouse at 697 Fifth Avenue to sell virtual reality headsets and smart glasses.
  10. LinkedIn leased 15,000 sf of retail space at 350 Fifth Avenue.
  11. Beanstalk Academy signed a new 10-year lease at 34 West 139th Street for 13,000 sf.
  12. Delmonico's is opening a new 11,735-sq-ft location at 1330 Sixth Avenue.
  13. Beanstalk Academy signed a new 10-year lease at 950 Westchester Avenue for 11,000 sf.
  14. CRGE signed a new lease at 72-01 Queens Boulevard for 10,000 sf.
  15. Retro Recess signed a new lease at 44-01 11th Street for 10,000 sf.
  16. Brooklyn Bridge Fencing Club signed a new 10-year lease at 295 Front Street for 8,000 sf.
  17. Erudite Preschool signed a new lease at 6 Baltic Street for 4,000 sf.

Industrial:

  1. Gate Gourmet leased 63,000 square feet and Yanwen Express leased 24,000 square feet at The Inwood Logistics Center.
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Tenant Representation: Optimal Spaces acts exclusively as a "Tenant Broker," only representing tenants, never landlords.
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Unbiased Service: Avoiding conflicts of interest, they provide impartial service, showing a wider range of properties and negotiating the best price.
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Comprehensive Process: Agents guide clients end-to-end, offering market surveys, floor plans, pricing expectations, and industry contacts.
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Cost Savings: They negotiate rental price and identify/abate "hidden costs."

Why Optimal Spaces –
Tenant Broker

  • No fee for clients renting space.
  • We work for YOU, not the landlord.
  • Save 15–20% on your business costs.
  • Save 100–200 hours of research.
  • Access to all available spaces.
  • Specialized real estate expertise.

Alone or with other broker

  • Miss deals and hard-to-find spaces.
  • Potential conflict of interest (often represent landlords).
  • Only 10% of available spaces are online.
  • Lack of specialized expertise.
  • May not get the best terms or uncover hidden costs.
Why Use a Tenant Broker: Your Advocate in Commercial Real Estate
1. The Crucial Distinction: Whose Side Are They On?
Landlord Rep (Listing Agent) — Fiduciary Duty: Landlord. Highest rent, best terms for landlord.
Tenant Rep (Tenant Broker) — Fiduciary Duty: Tenant Only. Lowest rent, best terms for tenant. Levels the playing field.
2. It Almost Always Costs You Nothing
3. Access to “Hidden” Inventory
4. Negotiating Beyond Base Rent
Landlord pays the broker fee — free expert representation for the tenant.
Access to hidden inventory: off-market listings, subleases, and future availabilities via broker databases and networks.
Negotiating beyond base rent: free rent, TI allowance, OPEX caps, and lease flexibility for renewal or expansion.
5. Time Savings & Process Management
6. Mitigating Risk (the “Gotchas”)
Tenant broker handles searching, scheduling, and RFPs — your outsourced real estate department with curated options and timeline management.
Mitigating risk: spotting pitfalls in LOI and lease such as restoration clauses and holdover penalties.
Summary: Don’t rely on the landlord’s agent. A tenant broker is your advocate, provides better data, negotiates a complete package, and typically costs you nothing.
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