Manhattan Office Real Estate Hits Record 313 Leases at $100-Plus Per Sq Ft as Companies Chase High-End Amenities

Manhattan's office real estate market set an all-time high last year, with 313 leases signed at prices of $100 or more per sq ft, according to JLL data — up from 212 such deals recorded in 2024. A separate count by CBRE placed the figure at 196 similar transactions in 2025, while Cushman & Wakefield reported that leasing activity it classifies as luxury reached nearly 6.8 million sq ft for the year, a gain of nearly 50 percent over the prior year and the highest level since 2019.

Talent Competition Fuels Demand for Luxury Office Real Estate

Brokers and real estate executives say the surge in high-end leasing is being driven primarily by companies seeking to attract and retain employees and to encourage a return to in-person work.

"We've never seen such a commitment to high-end real estate as a personnel decision," said Mary Ann Tighe, chief executive of CBRE's New York tri-state region.

Alexander Erdos, senior vice-president of leasing and development at SJP Properties, described the shift in how luxury office space is being positioned to workers. "Everything is catering to the employee," Erdos said. "It's not just like, 'Here's your little four-foot section, here's a water filter, go have fun.' It's like 'Here's our coffee offering for today, here's your room service dining' — really, really high-end offerings that are encouraging people to spend more time in the space."

Back-to-office policies have also played a role. While financial firms have been pushing for a physical return to the office for the past couple of years, technology and creative companies have become "more stringent" about in-office attendance recently, according to JLL's vice-chair Cynthia Wasserberger. A constrained construction pipeline in New York City has further supported rent increases in already high-priced buildings, brokers said.

JPMorgan Headquarters Sets New Standard, According to Brokers

Senior brokers across New York emphasized that JPMorgan's new headquarters on Park Avenue — unveiled in October and owned by the bank — has established a new benchmark for professional services firms in the city. The building features a health and wellness center and 19 dining options, and is located a two-minute walk from Grand Central Terminal in midtown Manhattan.

"Folks who compete with JPMorgan for business have taken note," said Hilary Spann, New York region executive vice-president of real estate investment trust BXP.

Bruce Mosler, chair of global brokerage at Cushman & Wakefield, said the changes companies are making to elevate the office experience — spanning amenities and location — had been "spearheaded by JPMorgan's deep commitment to the city." Mosler noted that the Park Avenue submarket has seen a "resurgence" as companies work to shorten employee commutes.

"New York, particularly the Park Avenue submarket, is the best leasing market in the country," Spann said.

Amenities Expand at Manhattan Luxury Office Buildings

The range and scale of amenities at luxury office buildings has expanded. At 520 Fifth Avenue, a property represented by JLL, tenants have access to a golf simulator, a pickleball court, and a spa with hot and cold plunge pools.

Largest 2025 Leases

The three largest office leases by square footage secured in New York in 2025 were signed by New York University, Jane Street, and Deloitte, according to real estate data group CoStar.

Across brokerage firms, the view expressed is that demand for high-quality office real estate in Manhattan remains strong, supported by a limited pipeline of new construction and continued corporate emphasis on workplace quality as a recruitment and retention tool.