The Manhattan office market is experiencing a dramatic recovery post-pandemic, with available spaces disappearing rapidly, causing frustration for companies looking to expand.
According to Bryant Park Corporation president Dan Biederman, prospective tenants are increasingly told by landlords, 'Sorry, we have no space left,' highlighting the tightness of the market.
CBRE dealmaker Mary Ann Tighe cautioned that large tenants should have finalized leasing deals already, warning of imminent challenges in securing office space by 2027.
The new supply of office space is limited, with 79% of the 2.4 million square feet coming by the end of 2026 already pre-leased, indicating high demand.
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