Manhattan saw more financial technology (fintech) leasing in 2017 than it had in the previous three years combined, indicating the industry’s significant growth potential. Fintech tenants signed 877,171 square feet of leases last year, led by JPMorgan Chase (JPMC) and Mastercard, which both signed leases for their technology-oriented operations groups. JPMC took 428,365 square feet at 5 Manhattan West while Mastercard took 212,500 square feet at 150 Fifth Avenue.
REBNY Research reports that the Manhattan retail leasing market is proving to be an outlier against the national retail slowdown. Increased interest from retailers has spread throughout Manhattan, showing that there is confidence in Manhattan retail overall.
As the market’s natural retail correction continues, Manhattan rental rates for 72% of… Read More