The global brokerage Cushman & Wakefield represented more office space for Manhattan landlords over the past 12 months than any other firm in the city, a TRD analysis of CoStar Group data found. However, Cushman, which represented 4.6 million square feet on the landlord side, didn’t blow away any of its rivals. In fact, it was in the same ballpark as other mega-firms CBRE, Newmark Grubb Knight Frank and JLL, who all represented between 4.2 million and 4.5 million square feet.
In recent years, CBRE has dominated on the landlord agency front, but Cushman’s recent mergers with the firms Cassidy Turley and DTZ gave it additional business. CBRE disputed TRD‘s figures, saying it had leased more than 5.3 million square feet during the period in deals of 10,000 square feet and above. It said other firms did far less.
Meanwhile, for overall Manhattan leasing, total volume ticked up in October in Midtown and fell in Midtown South and Downtown.
On the retail front, Midtown saw the most leasing last month, led by giant deals such as Victoria’s Secret 63,780 square foot deal at Vornado’s 640 Fifth Avenue.
Despite record deals such as Jeff Sutton and GGP’s lease with Bulgari at 730 Fifth Avenue, which came in at $5,500 per square foot, other spaces have lingered on the market. In addition, the spreads are growing between affordable and high-end rents. Indeed, prices have surged in high-traffic areas, but other areas have not seen the same jumps.