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New York & Tri-State  + Midtown New York  + Office  | 

Class A Dominates Manhattan Office Leasing in Q3

A dominant theme in Manhattan’s third-quarter office leasing story was demand for high-quality assets. New reports from Lee & Associates NYC and Transwestern both pointed to Class A’s prominence, with Lee NYC noting that 70.7% of Q3’s leasing volume occurred in Class A prominence and Transwestern noting that this asset class led positive absorption. 

“As companies evaluate their current and future office space needs amidst challenging economic conditions and hybrid work patterns, many have reduced their footprints,” according to Lee NYC’s report. “However, among the top 10 leases by size of the quarter, 50% expanded their footprints from their original leases and 30% retained the same footprint.” 

Lauren Davidson, SVP at Transwestern, said, “The statistics reflect this notion that companies want a New York City presence. Anecdotally, even with this growing momentum, our team is still seeing great opportunity for tenants focused on a long-term commitment to the city.” 


Inside The Story

Lee nycTranswestern's Davidson

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Lease