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WeWork, Convene and Knotel contribute to Manhattan’s three-year office leasing high

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Manhattan’s office leasing market continues to grow this year with the highest half-year total of square feet leased in over three years, according to a CBRE report released this week.

A total of 15.4 million square feet of office space was leased in Manhattan in the first half of 2018, up from 14.76 in the second half of 2017, as per the report.

Financial services, insurance and real estate (FIRE) accounted for the largest share in activity with coworking spaces taking 1.4 million square feet.

Those include three flexible office deals in May:

  • WeWork’s 100,000-square-foot lease at 214 West 29th Street
  • Convene’s 93,000-square-foot deal at One Liberty Plaza
  • Knotel taking 83,000 square feet at 156 Fifth Avenue
In 2011, investor Andresson Horowitz famously declared in a Wall Street Journal article that “Software is eating the world“…
With 9.2% of the total office space leased in Manhattan in 2018 so far being allocated to coworking space, we think it’s safe to say that in 2018 it is coworking that is eating the world.
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