New York's Office Boom Hits High Gear as Giants Lock in Long-Term Leases
New York’s office market surged in the first half of the year as banks, law firms, cosmetics firm L’Oréal, and AI startups signed long-term leases, driving down vacancies and lifting rents. Major deals include Bank of America expanding to 2.4 million square feet and renewals by Simpson Thacher & Bartlett and Cleary Gottlieb, while Anthropic agreed to lease almost 500,000 square feet at 330 Hudson. Brooklyn’s Refinery at Domino has become a focal point for AI tenants. Mayor Mamdani touts the economy despite tax-policy tensions with the DSA, and analysts caution that two-to-three-decade commitments hinge on sustained talent and supportive policy.
