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

Midtown South Sees Most New Construction in Second Half of ’23 

In the second half of 2023, Manhattan’s office market saw robust leasing activity in post-2010 new construction, totaling 0.71 million square feet, according to Colliers’ H2 2023 Manhattan Office Construction Report

This marked a notable increase from the 0.56 million square feet recorded in H1 2023. Midtown South dominated deal volume, contributing 62.8% of activity, primarily in the Hudson Yards/Manhattan West submarket.  

Major transactions included Marshall Wace’s 79,000 square feet lease at 66 Hudson Boulevard, BBVA’s 74,000 square feet. lease at 2 Manhattan West, and Rippling’s 69,000 square feet sublease at 4WTC. Noteworthy deals in renovated buildings featured Quinn Emanuel’s 132,000-square-foot lease at 295 Fifth Avenue and BDT & MSD Partners’ 72,000-square-foot lease at 550 Madison Avenue. 

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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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