News Brief: Manhattan Office Market Shows Strong Recovery in 2025
Summary
Manhattan office leasing surged in Q4 2025, with quarterly volume reaching its highest level since 2019. Full-year 2025 leasing was the strongest since the pandemic began, just 2.4% below 2019’s total. Demand was driven by a return-to-office trend, tech/AI expansion, and a “flight to quality.” Rising demand is slowly absorbing excess supply, leading to tighter market conditions and increased rents across all building classes.
Key Points
- Leasing Surge: Q4 2025 leasing hit 11.87 million sq ft, up >25% from Q3 and the strongest quarter since Q4 2019.
- Annual Recovery: 2025 full-year leasing volume was the highest since 2019, only 2.4% below the pre-pandemic 2019 total.
- Demand Drivers: Key factors include return-to-office policies, tech/AI industry growth, major tenant expansions (e.g., Amazon, BlackRock), and a widespread “flight to quality” to attract talent.
- Broad-Based Demand: Increased activity seen across finance, tech, legal, education, medical nonprofit, and government sectors.
- Market Tightening: Available office supply is down from its post-pandemic peak. Manhattan now has its tightest supply since November 2020.
- Rent Growth: Average asking rent rose to $76/sq ft (highest since Oct 2020). Class A rents hit $83/sq ft; Class B rents reached a record $68.61/sq ft.
- Quality Focus: 69% of leased space was in 4- or 5-star buildings. The year’s 15 largest leases all occurred in such properties.
- Positive Absorption: 2025 saw positive net absorption of 15.56 million sq ft, aided by the conversion of 2.14 million sq ft of office space to non-office use.
- Remaining Challenge: Despite progress, the market has only shed half of its post-pandemic excess supply. Continued strong demand and conversions are needed through 2026-2027.
新闻简报：2025年曼哈顿写字楼市场强劲复苏
摘要
2025年第四季度，曼哈顿写字楼租赁量激增，季度成交量达到2019年以来的最高水平。2025年全年租赁活动是疫情开始以来最强劲的，仅比2019年疫情前总量低2.4%。需求由重返办公室趋势、科技/人工智能行业扩张以及”向优质资产转移”驱动。不断增长的需求正在缓慢吸收过剩供应，导致市场条件趋紧，所有等级楼宇的租金均有所上涨。
关键点
- 租赁激增：2025年第四季度租赁面积达1187万平方英尺，较第三季度增长超过25%，为自2019年第四季度以来最强劲的季度。
- 年度复苏：2025年全年租赁量是2019年以来最高的，仅比疫情前的2019年总量低2.4%。
- 需求驱动因素：关键因素包括重返办公室政策、科技/人工智能行业增长、主要租户扩张（如亚马逊、贝莱德），以及为吸引人才而普遍出现的”向优质资产转移”趋势。
- 需求广泛：金融、科技、法律、教育、医疗非营利机构和政府等多个行业的需求均有所增加。
- 市场趋紧：可用写字楼供应量已从疫情后的峰值下降。曼哈顿目前的供应紧张程度为2020年11月以来最高。
- 租金上涨：平均要价租金上涨至每平方英尺76美元（为2020年10月以来最高）。甲级写字楼租金达每平方英尺83美元；乙级写字楼租金创下每平方英尺68.61美元的纪录。
- 聚焦优质资产：69%的租赁面积发生在四星或五星级楼宇中。全年最大的15笔租赁均在此类物业中达成。
- 净吸纳量为正：2025年净吸纳量为正1556万平方英尺，其中214万平方英尺的办公空间被规划转为非办公用途，助力了这一进程。
- 遗留挑战：尽管取得进展，市场仅消化了疫情后过剩供应量的一半。2026年至2027年需要持续强劲的需求和物业转换来继续消化存量。
Original Article Link: https://www.cnbc.com/2026/01/06/manhattan-q4-office-leasing-rebound.html