top of page

Office Market Reports Q4, 2023

David Ratner

Jan 20, 2024

The office leasing market in Brooklyn and Manhattan for Q4 2023 exhibited distinct trends

Q4 2023 Office Leasing Report for Brooklyn & Manhattan


Executive Summary:

In this edition of our report, we provide a detailed look at the office leasing trends in Brooklyn and Manhattan during the fourth quarter of 2023. This period showcases significant changes in the market, indicative of post-pandemic economic recovery.


Brooklyn Overview:

- Leasing Activity: A 15% increase in leasing activities, focusing on spaces under 5,000 sq ft.

- Average Rent: Average rent up by 3.5%, reaching $60 per sq ft. Premium areas like DUMBO saw rents around $70 per sq ft.

- Popular Areas: DUMBO, Brooklyn Heights, and Downtown Brooklyn represented 40% of leasing transactions.

- Tenant Demographics: Creative sectors expanded by 20%, and tech startups increased their space leasing by 25%.


Manhattan Overview:

- Leasing Activity: A 12% rise in leasing activities, with Hudson Yards and Midtown seeing significant deals.

- Average Rent: Average rents increased by 4%, with prime areas averaging $80 per sq ft.

- Popular Areas: A 30% increase in activity in Hudson Yards and Midtown South.

- Tenant Demographics: Finance and law firms made up 35% of new leases; tech companies comprised 25%.


Market Trends:

- Hybrid Work Models: An 18% rise in demand for flexible office spaces due to the hybrid work trend.

- Tech and Creative Growth: These sectors now constitute 45% of the office leasing market.

- Sustainability Focus: Green-certified buildings experienced a 22% higher leasing rate.

- Infrastructure Developments: A 10% increase in leasing activities in areas with new transportation projects.


Forecast for 2024:

The 2024 outlook anticipates a 10-15% increase in leasing activities, propelled by tech sector growth and the stabilization of hybrid work models.


Conclusion:

The Q4 2023 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.


Thank you for tuning in to Entrepreneur's Planet Channel! If you found this report insightful, please like and subscribe for more updates on market trends and business insights.





#Q42023OfficeLeasing, #BrooklynOfficeMarket, #ManhattanOfficeMarket, #NYCRealEstate, #CommercialRealEstate, #OfficeSpaceTrends, #RealEstateMarketAnalysis, #LeasingActivityNYC, #OfficeRentRates, #MarketInsights, #RealEstateTrends, #UrbanOfficeSpace, #PropertyMarket, #OfficeAvailability, #RealEstateInvestment, #BusinessLocation, #OfficeLeasingReport, #NYCPropertyTrends, #LeaseVolumeNYC, #OfficeMarketGrowth, #CommercialPropertyNYC, #LeasingTrends, #OfficeSpaceDemand, #RealEstateData, #CorporateRealEstate, #LeasingStatistics, #OfficeSectorAnalysis, #PropertyLeasing, #RentalMarketTrends, #OfficeMarketInsights, #CommercialLeasing, #RealEstateEconomics, #OfficeMarketUpdate, #NYCLeasingMarket, #RealEstateDevelopment, #MarketAnalysisReport, #RealEstateForecast, #OfficeRentalMarket, #PropertyMarketReport, #CommercialOfficeSpace, #RealEstateMarketTrends, #NYCCommercialRealEstate, #UrbanDevelopment, #LeasingMarketAnalysis, #OfficeSpaceAnalysis, #MarketDemandTrends, #PropertyAnalysis, #RealEstateMarketReport, #NYCOfficeTrends.

bottom of page