The Rise of AI: NYC Office Leasing (2020–2026)
The Rise of AI: NYC Office Leasing (2020–2026) AI companies have become a dominant force in the New York City office market. While their impact was minor in 2020 and 2021, each succeeding year has seen AI companies lease more space and capture a larger percentage of the overall tech industry’s leasing velocity. The data […]
Notable NYC AI Office Transactions 2025-2026
Notable NYC AI Office Transactions 2025-2026 The following list details The AI company and AI related company office leasingtransactions in NYC that have helped shape the market over the past year. Company Location Square Footage Figma 27 W 23rd Street 102,000 Harvey AI 1 Madison Avenue 92,663 Snowflake Computing 7 Times Square Tower 82,505 Elise […]
The AI Company Effect on the New York City Office Market
The AI Company Effect on the New York City Office Market Despite persistent narratives that artificial intelligence would decimate the workforce and hollow out urban centers, the data in New York City suggests the exact opposite. AI-related companies are not just backfilling space; they are becoming a primary engine for the resurgence of the Manhattan […]
Office-to-Residential Conversions Lower Manhattan Update 2026. Never Count New York City Out!
The Evolution of Lower Manhattan: Office-to-Residential Conversions. The excess supply of office space was one of the dominant economic and fiscal themes emerging during the post-pandemic recovery. Throughout 2021–2024, there were consistent concerns that New York City would become a “ghost town” and that shrinking tax revenues would cripple the city’s budget. Fortunately—and perhaps unsurprisingly—these […]
Where do NYC Office Rents Stand in 2026 Compared to Pre-Covid
Where do NYC Rents Stand in 2026 when compared to Pre-Covid 2018/2019 Leading up to the pandemic, the Manhattan office market had two very strong years of leasing in 2018 & 2019. This led to the overall average rent in Manhattan reaching its highest level ever at $80.43. Here is where the market now stands […]
Office Rents NYC 2026 for Every Submarket
Office Rents in NYC: 2026 Market Update Manhattan is by far the largest office market in the United States. It is primarily divided into three major markets—Midtown, Midtown South, and Downtown—each of which is further broken down into specific submarkets. Below is a snapshot of average Manhattan rents overall and within the various submarkets at […]
The “Tin Men” Approach to Tenant Representation: Why I Don’t Start with Your Budget
The “Tin Men” Approach to Tenant Representation: Why I Don’t Start with Your Budget One of my favorite movie scenes is from the 1987 Barry Levinson classic, Tin Men. Richard Dreyfuss’s character, “BB” Babowsky, is at a Cadillac dealership. When the salesman asks what he wants to pay, BB snaps: “I want to pay nothing. […]
The Taking Index: How Much Are Landlords Willing to Negotiate in the NYC Office Space Market?
The Taking Index: How Much Are Landlords Willing to Negotiate in the New York City Office Space Market? This is a question I am often asked by my clients, and it’s a critical one. The process of identifying the right office space and negotiating a deal is time-consuming; having a realistic understanding of where the […]
Trends in the NYC Office Space Market: Why “Absorption” Matters to Your Bottom Line
Trends in the NYC Office Space Market: Why “Absorption” Matters to Your Bottom Line In commercial real estate (CRE), absorption is the barometer of tenant demand. Simply put, it measures the change in occupied space in a given market over a specific period. When we analyze market health, we look at Net Absorption. The Formula […]
How to Create Leverage in a Commercial Lease Negotiation
How to Create Leverage in a Commercial Lease Negotiation Think about the following scenario: An employee goes into their boss’s office and lists all the reasons they deserve a raise. The boss responds that the company has expended a lot of capital lately, cash flow is tight, and they should revisit the conversation in six […]