Goodwin Procter's upcoming relocation from the New York Times building to BXP's 200 Fifth Ave. signals a positive shift in the Manhattan office market. The firm is expanding, albeit modestly, from 216,000 to 250,000 square feet but is also eyeing future growth options. This move reflects a belief in Midtown South's transformation, highlighted by major companies relocating there. Notably, a recent survey by Newmark indicates a significant recovery in Manhattan's office leasing activities, contradicting national trends as it registers the highest leasing volume since 2019.
The relocation in late 2026 reflects Goodwin Procter's faith in a recovering Manhattan commercial market, indicating hope for Midtown South's evolving landscape.
Manhattan's office recovery has outpaced other major U.S. cities, with a record leasing volume in early 2024, challenging the narrative of decline.
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