New York office market reports
Q1 2024
Nevertheless, the deals being signed paint a positive picture for the future of the Manhattan office market, particularly in class A space. The average length of class A lease terms has risen by 14.9% from Q1 2023 to Q1 2024, expanding from 97 months to 112 months. Additionally, 66.6% of overall leasing consisted of new leases or relocations.
of Manhattan leasing activity in Q1 2024 falls below Q1 last year
On the other hand, 66.6% of overall leasing in Q1 comprised either new leases or relocations, signaling a promising start to the year after renewal activity dominated in 2023.
Manhattan availability rate jumps 50 basis points to start the year
This increase in overall availability was primarily attributed to direct available space, which rose by 2.4% from 78.6 msf to 80.5 msf – the highest level since Q1 2022. This quarter also witnessed the introduction of 13 blocks of 100,000+ square feet to the market. Additionally, sublet available space increased by 1.3% from 20.8 msf to 21.0 msf.
increase in Class A length of lease terms, Q1 2024 vs. Q1 2023
The increase in Class A lease term lengths can be largely attributed to landlords offering record-level concession packages, enticing occupiers to sign longer-term leases.
Your source for the latest New York office market reports
Get in-depth office market reports and insights from commercial real estate experts in the Greater New York area. Avison Young advisors look at New York commercial real estate activities and the latest New York statistics to provide you expert market research on New York's office properties.
Explore different topics like the latest office market pricing trends and analysis of New York's current office real estate market conditions. Gain a better understanding of New York’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in New York's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in New York.
The dashboard was delivered through AVANT by Avison Young: leveraging real-time data and analytics to make cities and location-based decisions more transparent and efficient. Learn more about AVANT.