Posted 1/31/2024, 10:56:00 PM
NYC Office Space Demand Soars in 2023, Foreshadowing New Leasing Boom in 2024
- Manhattan office space demand rose 40% in 2023, hitting 75% of pre-pandemic levels, outpacing the national average increase of 19.6%
- The strong demand is forecast to drive over 30 million square feet of new office leasing in NYC in 2024, the highest since pre-pandemic
- Major companies like Barclays, Evercore, Blackstone, Jane Street Capital and Amex are re-upping leases or seeking new large spaces
- Subways, trains and cities are more crowded, renewing confidence NYC is no longer a "ghost town"
- A leasing boom would aid the restaurant industry which still suffers from lack of office workers Mondays and Fridays