Manhattan Signs Record Number of $100-Plus Office Leases, JLL Says

After a stellar performance in 2023, New York City's premium office market is poised for continued success in 2024. An impressive 192 tenants have already secured leases at $100+ per sq ft, totaling 5.6M sq ft—representing a robust 26% of this year's leasing activity. Last year's exceptional growth, led by private equity firms and financial services providers, with an 80% share in high-value transactions, sets an optimistic tone for the ongoing momentum in 2024.

Renowned locations like the Seagram Building and One Vanderbilt remain in high demand, highlighting the enduring appeal of these traditional office strongholds. CBRE's recent report underscores the resilience of the high-end market, particularly in financial services, which holds a commanding 73% share in top-dollar leasing. The positive trajectory witnessed in 2023 creates a sense of anticipation for further growth and prosperity throughout 2024, making the premium office real estate sector a focal point of optimism in NYC's dynamic business landscape.