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Trend Toward Short-Term Manhattan Lease Renewals is Losing Steam

The pandemic brought about a 46% increase of short-term renewals in the Manhattan office leasing market, CBRE reported. However, a research team led by senior director Nicole LaRusso wrote, this year a different story is unfolding. “As the pandemic is waning and restrictions are being lifted, occupiers are gaining clarity on future space needs and appear to be shifting away from short-term deals.” 

Between April and December of 2020, 54% of renewals over 15,000 square feet had term lengths of five years or less, well above the ratio seen in prior years. These ranged in size up to the 340,000-square-foot renewal by NBCUniversal at 1221 Ave. of the Americas.

Year to date, though, the proportion of short-term renewals has already shrunk to 32%. Going forward, office landlords can expect “a bump of additional demand that will manifest most heavily between 2023 and 2026” as 2020’s short-term renewals expire.


Inside The Story

CBRE’s LaRusso

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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