Office tenants signing new leases or expanding their current space were responsible for the majority of the biggest Manhattan commercial leases of the year, as opposed to tenants inking renewals, according to CoStar data cited by Crain’s.
Only three out of the 10 biggest deals in the first half of the year were renewals, compared to six renewals in the same period in 2012. However, the biggest deal of 2013’s first six months was a renewal, when Macy’s re-upped its 647,000-square-foot space at 11 Penn Plaza. Of the tech and media companies responsible for signing the largest 50 Manhattan leases by square footage, Yahoo was behind the biggest deal, for 176,000 square feet at 229 West 43rd Street.
There have been 35 office leasing deals with rents north of $100 per square foot so far this year, compared to 41 in all of 2012, as reported earlier today. The 2007 peak of the market saw 113 deals, while at the bottom – in 2009 – there were just 17. [Crain’s] – Mark Maurer