Manhattan Office Market Recovery Accelerates
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 hours ago
0mins
Source: CNBC
- Leasing Demand Surge: According to Colliers, Manhattan's office leasing reached 11.02 million square feet in Q2 2026, 29.4% above the five-year quarterly average, indicating robust market demand and reflecting a sustained recovery trend since 2002.
- Significant Year-over-Year Growth: The leasing demand in Q2 increased by over 19% year-over-year, and although it slightly declined from the previous quarter, it marks the first time since 2002 that demand exceeded 11 million square feet for three consecutive quarters, signaling a revitalized market.
- Notable Rent Increases: The mid-year rent growth in 2026 was the largest since 2016, reflecting strong demand for high-quality office spaces, particularly driven by the return of key industries such as tech, legal, and financial services, which have propelled market recovery.
- Class B Space Rebound: A CoStar report indicated that Class B office leasing in the first half of 2026 rose 14% from pre-pandemic levels, showcasing a resurgence in mid-market demand, suggesting that Manhattan's office recovery is no longer confined to high-end Class A buildings.
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Analyst Views on CSGP
Wall Street analysts forecast CSGP stock price to rise
13 Analyst Rating
8 Buy
4 Hold
1 Sell
Moderate Buy
Current: 28.700
Low
48.00
Averages
74.92
High
101.00
Current: 28.700
Low
48.00
Averages
74.92
High
101.00
About CSGP
CoStar Group, Inc. is a provider of online real estate marketplaces, information, analytics, and three-dimensional (3D) digital twin technology in the property markets. The Company operates through two segments, which include Commercial Real Estate and Residential Real Estate. Its Commercial Real Estate segment offers commercial real estate information and analytics, online marketplaces, and 3D digital twin technology. Its brands include CoStar and LoopNet. Its CoStar offers subscription-based access to its platform of commercial real estate intelligence. Its LoopNet is a commercial real estate marketing site which enables property owners, landlords, and brokers to advertise properties for sale or lease on a site. Its Residential Real Estate segment hosts marketplaces which aggregate consumer demand for homes to rent or buy and sell marketing and leads to the agents, owners, landlords, and property management companies to reach consumers with offerings.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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