Growth in NYC office supply is “a good thing”: Marc Holliday

With millions of square feet in new office space being built at Hudson Yards and the World Trade Center complex, some market observers are warning of a supply glut. But Manhattan’s largest office landlord, SL Green Realty, is having none of that. “The addition of new supply to Manhattan is a good thing,” the company’s […]

Manhattan on track to see negative office absorption for first time in 7 years: Colliers

For the first time in seven years, the Manhattan office market is set to have a negative absorption rate, as leasing activity through the third quarter hasn’t been able to keep pace with additional supply. Absorption year-to-date sits at negative 2.2 million square feet, according to Colliers International’s third-quarter office report. Unless the fourth quarter […]

Manhattan monthly office leasing activity fell below 2M sf for first time this year in May

Demand for Manhattan office space “lost some momentum” in May, according to Cushman & Wakefield’s latest office market report, which noted that monthly leasing activity in the borough fell below 2 million square feet for the first time this year. There were 1.8 million square feet of new Manhattan office leases signed last month, the […]