Office space is going fast in New York City. It’s a big change from just a few months ago.
Last year was one of the slowest on record in terms of leasing velocity. Many potential tenants put off signing big leases until after the presidential election. November, which is often a very busy month, was slower in 2016 than August had been, according to JLL’s Chart of the Week.
Since the election, year-over-year leasing activity has more than doubled.
Giant leases signed so far include Fox/NewsCorp at 1211 Avenue of the Americas (1.2 million square feet), Royal Bank of Canada at Brookfield Place 402,000 square feet, Spotify at 4 World Trade Center (378,000 square feet) and New York State Attorney General at 28 Liberty St. (345,000 square feet).