New York & Tri-State + Office | October 29, 2018

Q3 Leasing in One Word: Coworking

“If you had to sum up the third quarter market drivers in one word, it would have to be ‘coworking,’” said Transwestern’s Danny Mangru. “It’s become one of the fastest growing market segments we’ve seen in several years.”

Twenty percent of Q3’s seven million square feet of Manhattan office leasing came from WeWork, Knotel and other coworking firms, Transwestern reported. That’s up from 15% of the year-to-date total.

The proportion is even higher for large deals of 50,000 square feet or more. Q3 saw 21 deals greater than 50,000 square feet, of which coworking tenants represented eight, or more than one-third. Half of Q3’s eight deals greater than 100,000 square feet came from the coworking sector.

”Overall, leasing activity is doing fairly well,” said Mangru. “While this quarter’s seven million square feet leased is down from last quarter’s 10 million figure, YTD leasing is up 4% over last year’s total.”

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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 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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