From Empty Towers to Bidding Wars

From Empty Towers to Bidding Wars: Manhattan Office Market Turns the Corner

Manhattan’s office market is gaining momentum as vacancy declines, leasing activity accelerates and competition intensifies for high-quality space. In a new KeyCrew article, Bert Rosenblatt, Managing Principal of Cresa’s New York office, examines the forces driving the recovery—from return-to-office mandates and emerging technology companies to office-to-residential conversions that are reducing available supply.

“Last year we rented more than 40 million square feet, and this year is just on fire,” Rosenblatt says. “The first two quarters of this year have been incredibly strong.”