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New York & Tri-State  + New York  + Office  |  May 28, 2024
The Green Street Commercial Property Price Index decreased by 0.8% in June from the previous month, with "sizable bid-ask spreads" a major factor
Emily Fu
By: Emily Fu

NYC Office Demand Drops 22% in April  

NYC office demand has decreased 22% since March, equivalent to 3 million square feet, but it is still above the 2021-2023 monthly average, according to the latest data from VTS.  

Small tenants (<10k square feet) have shown positive momentum, while the tech and legal sectors experienced declines. The average size of tenants rolling in for 2027-2028 is larger than those rolling in near term (2025-2026). Trophy assets saw the biggest rent increase in April, followed by Class A and Class B properties. 

Institutional investors, including Boston Properties, Brookfield, Blackstone, and others, are signaling a shift towards capital deployment this year. VTS’ Leasing Prediction Outlook for 2024 suggests a 17% increase in leasing compared to 2023. 

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About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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