New York City office
and retail Market Research

February 2026 » Market Analysis » Market Report

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March 2026

February 2026

Office:
AI was the most active use, signing new leases and expanding existing leases.

Retail:
Retail remains quiet with only one major lease: T.J. Maxx at Herald Square.

Building Sales:
Building sales remain active with buyers purchasing office buildings to convert to residential.

New York Market Overview

Office:

Starr inks 275,000 sf lease at the rising 343 Madison Avenue.
PayPal leases 261,000 RSF at 345 Hudson Street for 10 years.
Natixis is relocating to 203,000 sf at 1633 Broadway in Midtown, Manhattan.
Rilla inks a 57,000-sf lease at 25 Kent for a 10-year term.
Anthropic is reportedly looking for at least 250,000 -450,000 sf in Manhattan.
Elise AI is expanding to 109,000 at 401 Fifth Avenue.
Withers signed a 15-year lease for 33,000 square feet at 30 Rockefeller Plaza.
Jackson Laboratory is taking 41K sf at Hudson Research Center at 619 West 54th Street.

Retail:

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TJ Maxx leased 40,000 square feet across two floors at Herald Towers in Herald Square. The 10-year lease has an asking rent of a blended $4 million in total, and the store is expected to open by the end of the year.

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