Manhattan office leasing has declined 23% YoY over the last two months, down 39% since 2014, according to data from CoStar Group. Over the past six months, SL Green Realty, Vornado Realty Trust, Boston Properties and Empire State Realty Trust all mentioned WeWork in earnings calls. 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 drop is a result of an increase in lease renewals by landlords who are looking to cash out on their investment before they have to pay rent or face eviction. However, WeWork continues to sign 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 data 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 drop is a result of an increase in lease renewals by landlords who are looking to cash out on their investment before they have to pay rent or face eviction. However, WeWork continues to sign new leases, particularly in Manhattan's most expensive office market, the Plaza District, where it recently signed a lease for 159,300 sq ft.