New York Market Overview

Office:

New York City's office market is seeing a surge in demand from anchor tenants such as: financial services, tech and law firms which is driving new premier office developments. Related Companies, Extell Development, and BXP are securing significant pre-leases for projects like 70 Hudson Yards (Deloitte), 570 Fifth Avenue (Simpson Thacher & Bartlett), and 343 Madison Avenue (C.V. Starr) with completions expected by 2029—stricter return-to-office mandates fuel this trend.

Suitable Class A office space in Manhattan remains limited. Overall, office inventory paid significantly in Q3 2025, partly due to office-to-residential conversions. This scarcity forced smaller tenants into the middle market, while top occupiers snap up prime new spaces.

Manhattan's office vacancy rate hit a five-year low of 14.8% in Q3 2025 and rents, especially for trophy assets, have reached record highs. Many new developments will command rents over $200 per square foot.

1. Guggenheim Partners leased 360,000 SF at 330 Madison Avenue.
2. Salesforce leased 310,000 RSF at 3 Bryant Park in a new renewal and expansion for 71,000 SF for its Agentforce.
3. Scotiabank leases 205,000 RSF at 660 Fifth Avenue, relocating from 250 Vesey Street.
4. Bank of New York is subleasing 192,000 sf at the World Trade Center.
5. BlackRock is subleasing 194,000 square feet from Meta at 50 Hudson Yards, bringing its total footprint in the building to 1.24 million square feet.
6. The Office of General Services expanded its lease at 919 Third Avenue, adding 66,000 SF, for a total of over 117,000 square feet across the top two floors.
7. Harvey AI Corporation leased 93,000 square feet at One Madison Avenue.
8. New York's Department of Citywide Administrative Services leased 81,000 sf for the Department for the Aging at 14 Wall Street.
9. Scale AI subleases 80,000 sf at 1 WTC until the beginning of 2030.
10. FGS Global signed a 15-year lease for 80,000 square feet at Penn 2. The asking rent for the space was $115 per square foot.
11. Lewis Brisbois leased 70,000 RSF at 140 Broadway.
12. Bilt leased 58,000 SF lease at 837 Washington Street.
13. Massumi + Consoli leased 58,000 RSF at 133 Sixth Avenue.
14. Verra Mobility subleases 57,149 RSF at 55 Water Street from Emblem Health.
15. Nagarro leased 42,000 SF at 195 Broadway.
16. Sagard Capital leased 40,000 sq ft on the 33rd and 34th floors at 280 Park Avenue for $130 per sq ft, expanding from 9,000 sq ft on the 29th floor.
17. MSQ Partners leased 38,000 SF at 50 West 23rd Street in a new 10-year lease.
18. Industrious leased 33,000 SF at 190 Bowery for 7 years.
19. Breaking Ground leased 32,300 RSF at 520 Eighth Avenue.
20. Insight Global leased 32,000 RSF at 437 Madison Avenue for a 10-year lease.

Retail:

1. Equinox leased 50,000 sf at 261 11th Avenue.
2. Convene Hospitality Group leased 50,000 sf at 261 11th Avenue.
3. SuperFresh signed a new lease for 22,500 SF at 166-20 90th Avenue.
4. Lululemon leased 19,000 sf at 524 Broadway.
5. Upadhyay leased 17,000 SF at 622 Third Avenue.
6. Abercrombie & Fitch leased 6,000 SF at 520 Broadway.
7. Prime Liquidation leased 12,000 sf at 2184 Clarendon Road.
8. Calzedonia leased 8,400 sf at 501 Broadway.
9. Sephora leased 7,800 sf at 1 St Mark's Place.
10. Pop Mart leased 7,000 sf at 1540 Broadway.
11. Corner Bistro leased 6,000 sf at 94 Avenue A.
12. From the Source leased 5,900 sf at 315 Hudson Street.