NYC Tenant Broker

Optimal Spaces in New York provides Commercial Real Estate solutions through consulting, analysis and brokerage services.

[NYC Tenant Broker @optimalspaces]

OPTIMAL SPACES NEWSLETTER
August 2026: New York Office, Retail and Industrial Market Report
Office:
Manhattan's average asking office rent reached $78.00 per square foot. Manhattan office leasing totaled 11 million square feet in the second quarter. The AI sector leased 800,000 square feet in the second quarter. Demand for Class A office with Amenities is beyond existing until new office buildings are completed.

Retail:
Target, Ulta Beauty, fitness, and restaurants signed leases last month. Retail leasing is likely to be modest in August.

Investment Sales:
Investment sales volume held steady at $1.4 billion. Sales volume will likely tighten as Mayor Mandami's rent freeze and pied-à-terre tax kick into effect.

Read More...
📷Buildings SoldCaprice Holdings bought Herring Building at 675 Hudson Street for $100 million. The seller was Aurora Capital Associates—the 29,300-square-foot building sold for $3,413 per SF.
📷
Buildings For SaleBXP is seeking to sell the ground lease for the 1.2-million-square-foot 7 Times Square property with an expected asking price between $700 million and $750 million.

July 2026 New York Commercial Real Estate Market Report
https://t.co/Zd6RpsV0m2

[NYC Tenant Broker @optimalspaces]

https://t.co/CGdrq18OiY

[NYC Tenant Broker @optimalspaces]

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[NYC Tenant Broker @optimalspaces]

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[NYC Tenant Broker @optimalspaces]

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[NYC Tenant Broker @optimalspaces]

https://t.co/8OXnCDVA4J

[NYC Tenant Broker @optimalspaces]

#Sales: Investors remained mostly on the sidelines for the quarter, totaling $980 million — an 85% year-over-year decline.

To read full report go to https://t.co/cY3cDosS5o

[NYC Tenant Broker @optimalspaces]

#Retail The apparel industry signed 27 leases for 243,000 square feet. LVMH took 43,000 square feet at 4 East 57th Street. Food and beverage companies had more than a dozen more deals than apparel, but for roughly 100,000 fewer square feet overall.

[NYC Tenant Broker @optimalspaces]

1.4 million sf of #office leases were signed in Manhattan, a 43% decrease from a yr ago.17.0% of offices are vacant. Asking rents remain high but LL have increased concessions so tenants are getting a lower net price.Landlords are desperate to fill their vacant spaces.

[NYC Tenant Broker @optimalspaces]

#Retail was quiet.Tenants are relocating to get better deals. #Office investment sales have plummeted. Manhattan saw $1 billion in sales volume in the 4th qtr, an 85% decline from 2021. It was the largest annual decrease in five years. The median sale price was $725 per sf, down

[NYC Tenant Broker @optimalspaces]

The health of #Manhattan’s office market continued to decline in 2022, as return-to-office initiatives fizzled yet again & hybrid workplaces became the new normal. Office leasing activity plunged yr-over-yr in the fourth quarter, ending 2022 more than 30% lower than last qtr.

[NYC Tenant Broker @optimalspaces]

Retail vacancies declined from 229 available spaces to 222. Retail rents improved modestly, up 1.2% from the third qtr & 2.9% year-over-year.2.5 million sf was leased in the last 12 months.11.6% above 2021 levels but current qrtr leasing volume was down 9.7%, from prev qtr

[NYC Tenant Broker @optimalspaces]

#Manhattan office market leasing plummeted 43%, as tenants rented 4.9 M SF in 2022, lowest qtr total since the 2nd qtr of 2021. 76% of office occupants moved to another Class A property or upgraded to a Class A bldg. There were 190 leases for $100 sf last year.

[NYC Tenant Broker @optimalspaces]

#Investment #sales remain 2.2% below a year ago. Google’s purchase of St John terminal was a huge vote for the long-term demand of office space in #NYC.
#Hotel buildings have traded at a discount, as #tourism and business travel are still slow.

[NYC Tenant Broker @optimalspaces]

#Manhattan #Office leasing has picked up, & vacancy rates declined to 16.9% in August, down from 17.1% set in May & July. Office occupancy remains at 38% in NYC. Workers’ return-to-office plans have been disrupted by an increase in COVID-19 cases driven by the Delta variant.

[NYC Tenant Broker @optimalspaces]

#Retail demand is picking up as more tourists, office workers and residents come back to NYC. This #retail demand will continue to increase, as more and more people get vaccinated.

[NYC Tenant Broker @optimalspaces]

#Retail, Foot traffic has increased, but still lower than pre-COVID-19 levels. Madison Ave is at 71% of regular foot traffic. 5th Ave is at 92% and Soho foot traffic is 110% of its 2019 levels. Additional increases in retail traffic are expected, as more office employees return

[NYC Tenant Broker @optimalspaces]

#Buildings Sales: Investment sales doubled in dollar volume from a year ago, but was still well below 2019's second quarter, when nearly $10 billion were closed.

[NYC Tenant Broker @optimalspaces]

#Office Delta variant has caused return to office to be delayed until January. The Manhattan office vacancy rate last month was 17.1%, matching a record high set in May. The average asking rent was $72.72 per square foot, down 8% from a year ago & lowest level since 2017.

[NYC Tenant Broker @optimalspaces]

#Manhattan #Building Sales: Office investment sales had total sales for the second quarter of $1.6 billion, quadruple the record-low amount during the first quarter.