{"id":120662,"date":"2026-02-02T22:54:36","date_gmt":"2026-02-02T22:54:36","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/120662\/"},"modified":"2026-02-02T22:54:36","modified_gmt":"2026-02-02T22:54:36","slug":"manhattan-office-market-cooled-in-january","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/120662\/","title":{"rendered":"Manhattan Office Market Cooled In January"},"content":{"rendered":"

After a record December, Manhattan\u2019s office market hit a seasonal slowdown in January.<\/p>\n

Manhattan\u2019s leasing activity totaled almost 3.7 million square feet, down nearly 30 percent from December but a slight increase year over year, according to a new Colliers report. The drop was not surprising, as January declines occurred in six of the past ten years, and December posted the highest monthly leasing volume since 2019<\/a>, per Colliers.<\/p>\n

Midtown nabbed the top two deals, led by law firm Gibson Dunn\u2019s 362,000-square-foot renewal at Irvine Company\u2019s MetLife Building. Landlord BXP scored the second-largest deal, Global insurance and investment firm C.V. Starr\u2019s 274,000-square-foot new lease<\/a> at 343 Madison Avenue, per Colliers. The third-largest was Burlington Stores\u2019 206,000-square-foot extension and expansion at Empire State Realty Trust\u2019s 1400 Broadway<\/a> in Midtown South.<\/p>\n

The availability rate tightened to 13.5 percent, marking the 23rd consecutive month of stable or decreasing supply. Sublet supply fell for the 16th straight month to 10.7 million square feet, a 38 percent year-over-year decrease and the lowest since September 2019. Asking rents averaged $77 per square foot, up about 5 percent year over year, but still about 3 percent below March 2020.<\/p>\n

Midtown captured 47 percent of the month\u2019s activity as availability crept almost back to March 2020 levels, when it was only 7.7 percent lower. Midtown South followed a similar trend, with large deals helping push leasing activity almost 73 percent above the ten-year average. Despite leasing lagging, even Downtown sublet space tightened to its lowest point since mid-2020, while rents rose to levels not seen since February 2021, per Colliers.<\/p>\n

Manhattan was coming off a hot quarter, posting its strongest results since before the pandemic. Leasing activity jumped more than 25 percent quarter over quarter at the end of last year.<\/p>\n

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Manhattan office leasing roars back to pre-pandemic pace<\/p>\n

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BXP closing in on 343 Madison anchor tenant<\/p>\n

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Burlington grows bigger at ESRT\u2019s 1400 Broadway<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"After a record December, Manhattan\u2019s office market hit a seasonal slowdown in January. Manhattan\u2019s leasing activity totaled almost…\n","protected":false},"author":2,"featured_media":120663,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[52963,75,84,83,9,24,63],"class_list":["post-120662","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-colliers-january-2026-office-report","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/120662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=120662"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/120662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/120663"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=120662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=120662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=120662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}