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Office Market Reports Q1, 2024

David Ratner

May 16, 2024

In Q1 2024, the office leasing markets in Brooklyn and Manhattan exhibited contrasting trends

Executive Summary:

In this edition of our report, we provide a detailed look at the office leasing trends in Brooklyn and Manhattan during the first quarter of 2024. This period continues to showcase significant changes in the market, indicative of sustained economic recovery and evolving work models.

Brooklyn Overview:

  • Leasing Activity: A 20% increase in leasing activities, with a particular focus on spaces under 7,500 sq ft.

  • Average Rent: Average rent rose by 4%, reaching $62 per sq ft. Premium areas like DUMBO saw rents around $72 per sq ft.

  • Popular Areas: DUMBO, Williamsburg, and Downtown Brooklyn represented 45% of leasing transactions.

  • Tenant Demographics: Creative sectors expanded by 25%, and tech startups increased their space leasing by 30%.

Manhattan Overview:

  • Leasing Activity: A 15% rise in leasing activities, with significant deals in Hudson Yards and Midtown.

  • Average Rent: Average rents increased by 5%, with prime areas averaging $82 per sq ft.

  • Popular Areas: A 35% increase in activity in Hudson Yards and Midtown South.

  • Tenant Demographics: Finance and law firms made up 40% of new leases; tech companies comprised 30%.

Market Trends:

  • Hybrid Work Models: A 20% rise in demand for flexible office spaces due to the hybrid work trend.

  • Tech and Creative Growth: These sectors now constitute 50% of the office leasing market.

  • Sustainability Focus: Green-certified buildings experienced a 25% higher leasing rate.

  • Infrastructure Developments: A 12% increase in leasing activities in areas with new transportation projects.

Forecast for 2024:

The 2024 outlook anticipates a 12-18% increase in leasing activities, propelled by tech sector growth and the continued stabilization of hybrid work models.


The Q1 2024 office leasing report underscores a strong recovery and growth phase in Brooklyn and Manhattan’s markets, with positive trends across leasing activities, rents, and sector diversification.

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