New York City office
and retail Market Research

July 2026 » Market Analysis » Market Report

Page 1

July 2026

Office:
The Manhattan office market leased 4.2 million SF, bringing the year-to-date volume to 19.5 million SF. Simpson Thacher & Bartlett’s 916,000-square-foot lease, Google’s 411,000-square-foot renewal, and Versant’s 249,000-square-foot renewal/expansion. Midtown accounted for over half of the leasing activity, shrinking the availability rate to 13.1%.

Retail:
National retailers are opening new locations in prime retail areas in Times Square, Chelsea, and Soho.

Sales:
Property sales were active as lenders are requiring existing owners to put in fresh capital. Motivated sellers want to sell and, if possible, cover the mortgage, while new owners will provide fresh capital to revitalize the buildings.

New York Market Overview

Office:

Stefan Soloviev is asking a record $400 per square foot for an 11,155-square-foot space on the 50th floor at 9 West 57th Street.
Cleary Gottlieb Steen & Hamilton leased 475,000 sf at 1 Liberty Plaza.
Brooklyn Defender Services leased 212,000 SF at 422 Fulton Street.
Alston & Bird signed a 15-year, 170,000-square-foot lease at 51 West 52nd Street.
McDermott Will & Schulte signed a lease for roughly 150,000 SF at BXP's planned 343 Madison Avenue tower.
Tennr signed a lease at 345 Hudson Street in Soho for 125,000 sf.
Baker McKenzie signed a lease renewal and expansion at 10 Bryant Park in Grand Central for 122,000 sf.
Jump Trading signed a lease at 50 Hudson Yards for 99,000 sf.
Sierra signed a lease at 11 East 26th Street in the Flatiron for 94,000 sf.
Versant signed a lease for 85,000 sf at 229 West 43rd Street in Times Square.
BERS signed a 78,000-square-foot lease at 55 Water Street.
HDR signed a lease at 7 Penn Plaza for 75,000 sf.
Michael J. Fox Foundation leased 69,000 sf at 530 Fifth Avenue.
Norm Ai signed a lease at 1 World Trade Center in the Financial District for 64,000 sf.
Via Transportation leased 55,000 SF at 2 Park Avenue.
Willkie Farr & Gallagher signed a lease at 787 Seventh Avenue for 53,000 sf.
Altana recently signed a 10-year, 62,000-square-foot lease at Penn 2.
Veeva Systems leased 62,000 SF at Penn 2.

Retail:

Chelsea Piers Fitness signed a lease at 250 Water Street for 76,000 sf.
Marshalls signed a lease at 850 3rd Avenue in Sunset Park for 31,500 sf.
Ulta Beauty signed a $400 million, 15-year lease for 26,000 SF at 1551 Broadway and includes the building's 250-foot LED sign.
House of Spells signed a lease at 234 West 42nd Street for 20,000 sf.
Stout NYC signed a lease at 373 Park Avenue South in the Flatiron for 13,900 sf.
Coach signed a lease at 645 Fifth Avenue in the Plaza District for 13,200 sf.
Edikted signed a lease at 597 Fifth Avenue in the Plaza District for 12,900 sf.
Sea Fire Grill signed a lease at 216 East 49th Street in Midtown East for 12,000 sf.
Barnes & Noble signed a lease at 181 Avenue A in the East Village for 11,300 sf.
Cozey signed a lease at 160 Fifth Avenue in the Flatiron for 10,100 sf.
Garage signed a lease at 160 Fifth Avenue in the Flatiron for 9,000 sf.

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