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“The Year of Very Large Leases”

With 11 deals greater than 250,000 square feet in Manhattan over the past 12 months, “This was the year of very large leases,” CBRE’s Nicole Larusso said at a media briefing Tuesday. Capped by Deutsche Bank’s 1.1-million-square-foot commitment at 60 Columbus Circle (pictured), the year’s total of big leasing deals was 50% above historical averages.

However, leasing volume ran ahead of historical averages across all size segments, LaRusso said. “2018 was really a remarkable year for the Manhattan office market,” she said.

That being the case, Larusso noted that office-using employment growth has tapered off since 2014. Accordingly, rent growth in 2018 was largely flat for the third consecutive year, although Larusso pointed out that upward and downward repricing of space was the lowest in recent years.

Larusso expects another positive story for Manhattan office leasing. Tellingly, there are more tenants in the market for space now than there were as 2018 began.

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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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