- Trophy office availability in NYC has dropped sharply from 17% to 10.7% since early 2023, far outpacing national trends.
- Nearly 2M SF of high-end leases have been signed in NYC this year, compared to 9M in all other US markets combined.
- Companies are paying top dollar, sometimes more than $250 PSF, to lock in space before it disappears.
NYC Surges Ahead in Trophy Leasing
According to GlobeSt, Manhattan’s high-end office market is racing ahead of other US cities. Companies are returning to the office—and they want the best buildings. That’s driving strong demand for trophy office towers, the highest-rated spaces in the market.
According to CoStar’s Victor Rodriguez, NYC’s trophy availability has dropped from 17% in early 2023 to just 10.7%. In the rest of the country, that number barely changed—declining only 30 basis points to 23.6%.
Tenants Move Fast
In the first half of 2025, tenants signed nearly 60 leases for close to 2M SF in New York’s top buildings. Deloitte, for example, leased space at 70 Hudson Yards—even though the building is still under construction.
Rodriguez says tenants aren’t waiting. “People are leasing space that’s not even built here,” he said. “So much has been taken in a short time that urgency is driving decisions.”
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Price Isn’t the Problem
Despite lease rates reaching $100 to $250 PSF—and sometimes higher—companies aren’t hesitating. What matters more is access and availability.
New York added 87,000 residents last year, reinforcing its draw as a business center. Many companies now expect employees to return three to five days a week. This shared return has helped firms commit to long-term leases more easily.
“There’s no sticker shock,” Rodriguez said. “They know what they’re getting, and they’re willing to pay for it.”
A National Trend, but NYC Leads
The “flight to quality” is playing out across the US, but nowhere as strongly as in New York. Over the past year, trophy office availability nationwide fell by 150 basis points. In New York, the drop was nearly three times that—430 basis points.
Other cities like San Francisco are improving, but Rodriguez says New York remains the clear leader. “It’s by far ahead of San Francisco’s recovery.”
What’s Next
Rodriguez expects further declines in trophy space availability nationwide. But he believes the pace in New York will slow naturally as inventory tightens.
“There’s only so much space left,” he said. “And other cities won’t match New York’s demand anytime soon.”
New York remains the top choice for firms looking to grow—and that keeps its office market moving faster than anywhere else.
