In the second quarter of 2019, leasing activity for new leases in Manhattan reached a 25-year high of 18.3 million square feet (msf), 13.3% above 2018’s pace. The two busiest sectors were TAMI and financial, which leased 74.3% and 70.2% more space, respectively, in the first half of 2019 than the same period in 2018. NYC total employment reached an all-time high of 4.65 million workers in May, including 53,700 jobs created this year, which is driving momentum in the office leasing market. Two transactions over $2 billion each closed in Q2, boosting the investment sales market’s dollar volume 57.3% compared to Q1.
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