Manhattan office leasing has declined 23 % YoY over the last two months , down 39 % since 2014 , according to figures from CoStar Group . Tenants inked 476 deals covering 3.4 million square feet between July 1 and August 24 in Manhattan, down from 5 million square feet during that same period last year and 6.2 million square feet in July and August of 2014. Between 1 July and 24 August leases covering 3.4 million sq ft were signed , down from 5 million sq ft YoY for 2015 and 6.2 million YoY in 2014 . The head of office landlord , Boston Properties , said that smaller companies have been slower to make bids on new space . However , WeWork continues to negotiate new leases , particularly in Manhattan 's most expensive office market , the Plaza District , where it recently signed a lease for 159,300 sq ft .
Manhattan office leasing has declined 23 % YoY over the last two months , down 39 % since 2014 , according to figures from CoStar Group . Between 1 July and 24 August leases covering 3.4 million sq ft were signed , down from 5 million sq ft YoY for 2015 and 6.2 million YoY in 2014 . The head of office landlord , Boston Properties , said that smaller companies have been slower to make bids on new space . However , WeWork continues to negotiate new leases , particularly in Manhattan 's most expensive office market , the Plaza District , where it recently signed a lease for 159,300 sq ft .