Manhattan's office market is experiencing a remarkable recovery, with 3.38 million square feet leased in April alone, reflecting a 23% year-over-year increase. Major corporations like Amazon and Deloitte are leading this resurgence by committing to substantial leases and acquisitions. The demand is fueled by a combination of reduced office space availability and a growing return-to-office trend, with occupancy rates hitting 76% of pre-pandemic levels. This resurgence indicates potential for the best leasing year since 2000, showcasing renewed confidence in Manhattan's commercial real estate.
Amazon is making significant moves in Manhattan's office market, securing a 330,000-square-foot lease at 10 Bryant Park and acquiring 522 Fifth Avenue.
Deloitte made the biggest splash, locking down 800,000 square feet at 70 Hudson Yards, which hasn't even broken ground yet.
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