- Manhattan office demand reached 3.61M SF leased in April, surpassing its 10-year monthly average.
- April’s activity was up 6.9% from April 2025 and reflected continued market strength.
- The sector saw a 38.3% decrease from March, due to March’s historic Bank of America deal.
- Major April leases included 475K SF by Cleary Gottlieb at One Liberty Plaza.
Leasing Activity Remains Strong
According to the Commercial Observer, Manhattan’s office demand showed resilience in April with 3.61M SF of space leased, according to the latest Colliers report. This figure topped both the 10-year monthly average of 2.78M SF and the same period last year, signaling robust tenant interest despite a monthly decline from March’s record-setting total.
Sector Performance
Midtown South led leasing with 1.61M SF, Midtown followed at 1.15M SF, and Lower Manhattan posted 851,650 SF leased. Notable April deals included Cleary Gottlieb’s 475K SF lease at One Liberty Plaza and Tennr’s 124.7K SF at 345 Hudson Street. Additional signings by Jump Trading, Sierra, and Adyen further underscored strong office demand.
Context and Outlook
While April’s numbers fell 38.3% month-to-month, Colliers attributed this to an extraordinary March driven by Bank of America’s 2.4M SF lease—Manhattan’s second-largest deal in 20 years. At the same time, falling Treasury yields have started easing some financing pressure across commercial real estate markets, even as refinancing risks remain elevated. Brokers report that demand for prime office space remains sturdy, with more tenants active in the market as summer approaches.
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