Nonprofit and public-sector leasing experienced a large jump in deal size in 2012, according to a recent report authored by Robair Reichenstein, managing director at Cassidy Turley. Though nonprofits closed a similar number of deals in 2012, the total leased space of 4.2 million square feet represented a 64 percent increase.
“Larger, more sophisticated public-sector institutions have leased on average larger spaces,” Mr. Reichenstein told The Commercial Observer last week.
Government agencies and departments were the most active market participants, according to the report. Two of the largest leases were the NYC Law Department’s renewal and expansion of more than 505,000 square feet at 100 Church Street and the city’s Human Resources Administration renewal of a 302,000-square-foot lease at 330 West 34th Street. The two largest leases are indicative of the city’s value areas. “The two places in Manhattan where the best values are are in lower Manhattan and near Penn Station,” Mr. Reichenstein noted.
Nonprofits are also being pushed out of Midtown South as technology and media companies continue their growth in the neighborhood. “What you see is that this year, for the first time, Midtown South is showing a lack of activity,” Mr. Reichenstein added.
Below, a look at nonprofit deals inked in Manhattan in 2012.