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Midtown South Sees Most New Construction in Second Half of ’23
In the second half of 2023, Manhattan’s office market saw robust leasing activity in post-2010 new construction, totaling 0.71 million square feet, according to Colliers’ H2 2023 Manhattan Office Construction Report.
This marked a notable increase from the 0.56 million square feet recorded in H1 2023. Midtown South dominated deal volume, contributing 62.8% of activity, primarily in the Hudson Yards/Manhattan West submarket.
Major transactions included Marshall Wace’s 79,000 square feet lease at 66 Hudson Boulevard, BBVA’s 74,000 square feet. lease at 2 Manhattan West, and Rippling’s 69,000 square feet sublease at 4WTC. Noteworthy deals in renovated buildings featured Quinn Emanuel’s 132,000-square-foot lease at 295 Fifth Avenue and BDT & MSD Partners’ 72,000-square-foot lease at 550 Madison Avenue.
- ◦Development
