As we all sit around dreaming of the large gifts on our holiday wish-list, what better way to wrap up the year than by looking at the big leases for Manhattan – the large gifts of the real estate world. There have been 49 leases greater than 100,000 square feet signed throughout Manhattan so far this year. Although this is slightly off the pace of the 56 large leases signed in 2013, I expect a few more big deals to be signed before the end of the year, having 2014 approach those stellar 2013 numbers.
This year’s 49 leases total over 12.3 million square feet, with an average deal size over 252,000 square feet. Despite the fact that in 2014 there were 12 leases signed over 350,000 square feet —four more than all of 2013—the average deal size is down from the 2013 average of 263,000 square feet. Of the 49 leases signed, two-thirds of them were completed by Manhattan’s “big three” industries; the financial services, TAMI and professional services sectors took down 11 big blocks of space each. Read More