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Manhattan Office Market Soars: 28 Leases Over $200/SF

1/6/2025

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Summary

Story summary

In 2024, Manhattan's office market thrived, boasting a remarkable 28 leases exceeding $200 per square foot and a 19.4% surge in overall leasing to 30.2 million square feet. Major players like Visa and Stonepeak expanded their footprints, while 5 Penn Plaza's renovations drew fresh tenants. Williams Equities made waves with a $147.5 million acquisition of 470 Park Avenue South, showcasing the market's dynamic post-pandemic evolution.

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Story summary

In 2024, Manhattan's office market thrived, boasting a remarkable 28 leases exceeding $200 per square foot and a 19.4% surge in overall leasing to 30.2 million square feet. Major players like Visa and Stonepeak expanded their footprints, while 5 Penn Plaza's renovations drew fresh tenants. Williams Equities made waves with a $147.5 million acquisition of 470 Park Avenue South, showcasing the market's dynamic post-pandemic evolution.