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Office Leasing Reaches 18-Quarter High

New leasing activity reached the highest quarterly level in 18 quarters during Q3, and year-to-date volume reached an historic high of 25.7 million square feet, Cushman & Wakefield reported. Thus far in 2018, there have been 33 new and expansion leases greater than 100,000 square feet, with Pfizer’s 1.2-million-square-foot sale-leaseback at 219 and 235 E. 42nd St. (pictured) representing Q3’s biggest deal.

“If the pace of average quarterly lease activity continues through end of year, Manhattan will finish 2018 with one of the market’s highest annual totals and the single highest year-end total since the peak of 2014,” said Cushman & Wakefield’s Richard Persichetti.

Despite the strong leasing pace, Persichetti noted that vacancy inched up 30 basis points in Q3, as total vacant space reached its highest quarterly level in four years. And for the first time, said the firm’s Louis D’Avanzo, Midtown South asking rents surpassed those of Midtown.

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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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