New York businesses are leasing more office space than they have in nearly a decade

"Unsurprisingly, financial firms, as well as tech, media, and advertising companies, are driving the surge with major deals. In April, Deloitte signed a lease with Hudson Yards for 800,000 square feet of a 717-foot tower still under construction. Amazon is expanding its NYC office presence, too. In 2020, the tech giant bought the historic Lord & Taylor building. This year, the company bought a building at 522 Fifth Ave."

"The leasing boom is so pronounced that developers have announced more than six new projects to meet the growing demand. This includes a new office building in Grand Central with Ikea as a ground-floor tenant, and JPMorgan Chase's $3 billion tower at 270 Park Ave. With all the extra office space, New Yorkers are going to be expected to occupy it-particularly given the rise in return-to-office initiatives."

In Manhattan, businesses leased 23.2 million square feet of office space during the first nine months of 2025, the most since 2006. Leasing has already surpassed last year's total, including 143 leases at more than $100 per square foot. Nationally, office leasing remains about 11% below the pre-COVID average. Financial firms and tech, media, and advertising companies have signed major deals, including Deloitte's 800,000-square-foot lease at Hudson Yards and Amazon's purchases and leases in Midtown. Developers have announced more than six new projects, and employers are imposing stronger return-to-office mandates to fill the space.

Read at Fast Company