Office Leasing Jumps
Commercial Observer
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Office leasing numbers for Manhattan for January are out, and they show a … promising turn. America’s premier office market recorded its highest leasing total since before the pandemic. There’s still a ways to go, though, in Gotham’s workplace recovery. Out in L.A., Sony put an exclamation point on the city’s stop-and-go recovery, leasing 225,000 square feet in a notable property in Miracle Mile. What are you seeing?
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— Tom Acitelli, Co-Deputy Editor
Manhattan Office Leasing Notches Highest Total Since 2019: Report
Manhattan’s office market kicked off 2023 with a bang. Tenants inked deals for 4.4 million square feet in the borough in January, in the strongest single month of leasing Manhattan has seen since 2019, according to a report from brokerage Colliers. Midtown led the surge in deals and saw its availability rate drop from 15.5 percent in December to 15.4 percent in January — the only Manhattan neighborhood to post a decrease in its availability rate. “This was a noteworthy month for the Midtown market,” said Frank Wallach, Colliers’ executive managing director of research and business development. “Midtown captured four of the top five largest leases in Manhattan.”
Sony Leases 225K SF at Wilshire Courtyard in LA’s Miracle Mile
With office investors pining for action, the entertainment industry has come to save the day in Los Angeles. Sony Pictures has signed a long-term, multi-floor lease totaling 225,239 square feet at Onni Group’s Wilshire Courtyard office complex. The company is relocating divisions from nearby Culver City to the two-building Class A campus at 5700-5750 Wilshire Boulevard in the heart of Miracle Mile near Museum Row. It’s adjacent to the La Brea Tar Pits and Museum, and about a block from the L.A. County Museum of Art, the Academy Museum of Motion Pictures and the Petersen Automotive Museum.
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