New York & Tri-State + Office | January 24, 2019

Cozen O'Connor has added Scott J. Pashman as a member to its real estate practice, based at the law firm's 3 World Trade Center offices

Downtown Sees Best Leasing Quarter Since 2011

The fourth quarter was Downtown Manhattan’s best for office leasing since Q2 2011, CBRE said Wednesday. More than one-third of 2018’s total of 5.54 million square feet stemmed from Q4, which was marked by several large deals at 1 and 3 World Trade Center (pictured).

Q4 saw 2.12 million square feet of new leasing, CBRE said. That total—up 192% over Q3—included 786,000 square feet of relocations into the Downtown market, mainly by TAMI tenants.

“Downtown Manhattan leasing showed great momentum as 2018 came to a close, and with several large blocks of space slated to hit the market in 2019, Downtown will see availability jump, creating additional opportunities for a range of tenant requirements in the market,” said Mary Ann Tighe, CEO of the tri-state region for CBRE.

Although this additional supply “could be a drag on the market,” the ongoing strong demand will mitigate the impact, she added.

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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 GlobeSt.com 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).