The Manhattan office market is experiencing positive trends characterized by declining vacancy rates, increased investment prices, and strong lease renewals. Empire State Realty Trust (ESRT) stands out by reporting a 94.2% occupancy rate in Q4 2024, which showcases the importance of existing tenant lease expansions. ESRT’s Chairman, Anthony Malkin, highlights that over three million square feet of expansions have contributed to this success, illuminating that even amidst the work-from-home trend, their buildings remain bustling with activity. Rents have increased significantly, signaling a robust demand for prime office spaces.
We have more than three million square feet of 299 expansion leases with existing tenants since we went public in October 2013.
We no longer talk about [how many are] back-to-work in the office - that's over.
We have tenants who come to us for what they see as value, a solid landlord and a strong balance sheet.
Rents in the tower's mid-rise portion have soared 28% since 2023, and surpass $80 per square foot on similarly situated floors.
#manhattan-office-market #empire-state-realty-trust #commercial-real-estate #leasing-trends #occupancy-rates
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