- Manhattan saw a record 313 office leases at $100 PSF or more in 2025, up from 212 in 2024.
- Tech, media, and advertising tenants drove nearly one-third of top-dollar leasing deals.
- SL Green’s One Vanderbilt set a new high at $305 PSF, with ultra-premium rents becoming more common.
- Park Avenue and Vornado’s Penn District were among the most sought-after locations for premium office leases.
Record Highs in Office Leases
Manhattan’s office market hit new records in 2025 as tenants competed for premium office space. According to JLL, there were 313 leases started at $100 PSF or more, spanning 125 buildings and totaling about 9.96M SF—both record highs. These deals accounted for roughly one-third of all Manhattan leasing for the year, per CoStar.
Tech and Finance Drive Demand
Tech, advertising, media, and information firms accounted for 31% of top-tier office leasing activity, nearly matching the 33% share from financial services, private equity, and hedge funds. Artificial intelligence-driven companies were a notable presence among new or expanding tenants.
Get Smarter about what matters in CRE
Stay ahead of trends in commercial real estate with CRE Daily – the free newsletter delivering everything you need to start your day in just 5-minutes
Rising Premium Rents
Ultra-premium office rents are becoming standard in Manhattan. In 2025, 28 deals started at $200 PSF or above, including six over $250 PSF. The highest rent secured was $305 PSF at One Vanderbilt. Average asking rent citywide reached a record $60.09 PSF, far above the national average of $36.35 PSF.
Popular Corridors and Active Landlords
Park Avenue led premium leasing activity, with almost 1.8M SF signed at $100 PSF or above. The Seagram Building saw eight leases over $200 PSF, the most of any property. Vornado Realty Trust leased the largest volume of top-dollar space — about 2.6M SF across 47 deals, led by its Penn 1 and Penn 2 towers near Penn Station.
Flight to Quality Continues
Over half of the top-dollar leases in 2025 were new deals or relocations, highlighting ongoing demand for high-end offices as employers seek to attract and retain top talent. Even with elevated vacancy rates across the city, top-tier spaces remain in short supply, underscoring the divide between average and premium inventory. Manhattan remains the top US market for office lease pricing, outpacing other national metros.
