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FIRE Tenants Drive Q4 Leasing Surge

The FIRE (financial, insurance, real estate) sector drove a fourth-quarter surge in Manhattan office leasing, Transwestern says. Q4’s leasing activity totaled more than 10 million square feet, pushing the yearly total over 34 million square feet for the first time since 2014.

“Manhattan closed the year with one of its strongest quarters on several fronts, with high levels of leasing activity, an increase in asking rental rates and a decrease in availability,” said research manager Danny Mangru at Transwestern. “Coworking continued to be a driving force, accounting for 10% of this quarter’s leasing activity, and a remarkable 15% of the 2018 total.”

FIRE tenants figured in 10 leasing transactions greater than 100,000 square feet during Q4. The quarter ended with availability below 11% for the first time since 2016, and with asking rents notching up to an all-time high of $74.92-per-square-foot.

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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).

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