- CBRE’s Mary Ann Tighe says NYC’s office market has “turned the corner,” forecasting strong performance through 2027.
- Corporate return-to-office policies have driven leasing momentum, with financial firms leading the way.
- Flex space demand is rising, with major deals like Christie’s renewal and Deloitte’s move to Hudson Yards highlighting shifting tenant needs.
- Uncertainty from US trade policies has some mid-sized tenants leaning toward coworking solutions.
A Turning Point for Manhattan Offices
At The Real Deal’s NYC Real Estate Forum, Mary Ann Tighe, CEO of CBRE’s Tri-State Region, expressed strong confidence in Manhattan’s office recovery. “I think we’ve turned the corner in a definitive way,” Tighe said, predicting a strong 2025—with even better years ahead in 2026 and 2027.
Corporate Mandates Drive Leasing Momentum
Tighe and other panelists credited the office recovery to early return-to-office mandates, particularly in the financial sector. “The landscape we’re talking about today is a function of decisions that were made 18, 24 months ago,” said Richard Coles of Vanbarton Group.
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Coworking Gains Traction Amid Economic Uncertainty
WeWork CEO John Santora noted that mid-sized companies are increasingly seeking short-term flexibility. Tariff-related uncertainties are helping shape this trend and influencing the broader office recovery. This has made coworking an attractive interim solution while firms assess long-term plans.
Flex Space Now a Leasing Must-Have
Tighe emphasized that major tenants are now expecting flexible office components in large buildings. She cited Christie’s 400,000SF renewal at 20 Rockefeller Plaza as an example where flex space played a critical role in negotiations.
Deloitte’s Big Move to Hudson Yards
One of the biggest recent transactions was Deloitte’s 800,000SF lease at Related Companies’ 70 Hudson Yards. Tighe highlighted the speed and readiness with which Related executed the deal, enabling the accounting giant’s relocation from Rockefeller Center.
NYC Outpaces Other US Markets
While other cities remain in recovery mode, panelists agreed New York is leading the office recovery and regaining its momentum. “It grabs the headlines when Ken Griffin moves to Miami,” Coles said, “but there are upwards of a million people moving to New York because this is where they want to be.”
