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Manhattan Office Market Surges Amid Leasing Boom

12/14/2025

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Summary

Story summary

In December 2025, Manhattan's downtown office market benefits from a leasing surge, per JLL.
In the third quarter of 2025, downtown Manhattan leasing activity rose year over year.
Vacancy fell to 23%, and asking rents rose to $59.56 per square foot.
GFI Group leased 112,783 square feet at 55 Water Street.
Larry Silverstein's negotiations with American Express for the 2 World Trade Center project remain uncertain.

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Story summary

In December 2025, Manhattan's downtown office market benefits from a leasing surge, per JLL.
In the third quarter of 2025, downtown Manhattan leasing activity rose year over year.
Vacancy fell to 23%, and asking rents rose to $59.56 per square foot.
GFI Group leased 112,783 square feet at 55 Water Street.
Larry Silverstein's negotiations with American Express for the 2 World Trade Center project remain uncertain.