New York & Tri-State + Midtown New York + Office | February 2, 2023

Fox Corporation and News Corp have extended their office leases at Ivanhoé Cambridge's 1211 Ave. of the Americas through 2042

Manhattan Office Leasing Volume for January Doubles from December 2022

At 4.43 million square feet, Manhattan’s office leasing activity for January more than doubled since December 2022, Colliers reported. This was also Manhattan’s strongest month of leasing since December 2019.

January’s leasing velocity was nearly double the 2022 average monthly volume of 2.43 million square feet and was well above the average monthly volume in 2019, 2020 and 2021. The noteworthy increase in Manhattan’s leasing volume for the month was mostly driven by five separate transactions of 250,000-plus square feet, representing 54.0% of total demand.

With 3.16 million square feet, Midtown’s leasing activity nearly tripled since December and was Midtown’s strongest month of demand since July 2018. More than one-third of that total was driven by the Fox Corporation and News Corp extensions at 1211 Ave. of the Americas (666,000 square feet and 486,000 square feet, respectively).

Despite the increase in demand, Manhattan’s availability was unchanged from December at 16.9%.

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Colliers New York

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 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).

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