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Availability rate hit a record high of 19% in the first quarter, as companies go with hybrid offices. About 90 million square feet were available to rent but leases for only 7.7 million square feet were signed.

In Manhattan, sublease space is near record highs of 20.2 million square feet available, down from 22 million square feet available a year ago, but well above the 13.6 million square feet prior to Covid.

Manhattan retail rents tick up, as foot traffic from residential and tourism recover along 9 of 17 corridors. Major concessions and accommodations done during covid for retail tenants are severely diminished.

Harlem's retail traffic is down just 5%. SoHo is more than 60% below its prior retail traffic. Manhattan office district street traffic is still quiet, as office workers adopt a hybrid office model.

A building market slowdown is on the horizon, as rising interest rates drive up borrowers’ costs.

582 properties sold in the quarter, a year-over-year jump of 53% totaling $8.9 billion, a 320% increase from the first quarter of last year and roughly in line with the first quarter of 2019.

New York Market Overview


Tiffany & Co. trims HQ office lease to a 10-year extension for its office at 200 Fifth Avenue from 400,000 square feet to 287,000 square feet, lopping off almost a third of its footprint.

Blackstone is considering either expanding at 345 Park Avenue or moving and renting 1.5 million square feet.

HSBC grabs 265,000 sf at Tishman Speyer’s Spiral. HSBC is expected to move into Hudson Yards skyscraper by January 2024.

Macquarie Group signed a 220,000 SF lease to be the first tenant at 660 Fifth Avenue.

Wellington Management is planning 71,000 RSF at 799 Broadway.

Empire BlueCross BlueShield rents 70,000 sf for HQ at One Penn Plaza for $90.00 per square foot.

Burberry signed a 15-year lease for nearly 43,000 square feet at 11 West 42nd Street.

The NYPL signed a 33-year lease at 270 Madison Avenue covering 41,000 square feet.

Trustpilot takes 34,000 sf at Two Trees’ Midtown South building. Consumer review site signed a 7-year lease at 50 West 23rd Street.


Retail tenants face supply chains, labor issues, soaring prices and staffing shortages that have plagued retailers.

Capital Grille signed a 15,000-square-foot lease at the building, where it will replace Naples 45 along East 45th Street.

At Home has signed a lease for 135,000 square feet at Prestige Properties and Development’s Bay Plaza Shopping Center.

iFLY’s first indoor skydiving facility in New York City. The indoor skydiving company signed a 20-year lease for about 10,000 square feet across two floors at 10-04 Borden Avenue in Queens.

Open Squash, a Squash club starting a racket at 100 Pearl Street office tower, rented a 21,000 sf facility in FiDi.

NewYork-Presbyterian to open an Och Spine outpatient care facility of 75,000 sf at Tishman Speyer’s Spiral Medical Center.

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