Tristate Market Overview Report
Q3 CRE LEASE REPORT
In six months, tenants absorbed
Over 3M SF of Class A space, driving
rents up and vacancies down
signaling renewed market strength.
Key Takeaways
A data-driven snapshot of New York City’s commercial leasing performance.
Total Deals
Total SF Leased
Total No of Bulidings
2,395
↓ 2.52% vs Q2 2025
13,617,573 SF
↓ 8.82 vs Q2 2025
1,708
↓ 2.02% vs Q2 2025
Q3 2025 Lease Report
A data-driven snapshot of New York City’s commercial leasing performance.
13.6M SF Leased
Across NYC in Q3 2025
2,395 Deals
Signed
Retail + institutional tenants
Drove meaningful stabilization
74% YoY increase in leasing volume
Queens
10.38M SF Leased (city’s lead)
Manhattan
49 deals, 78,797 SF, $75.52 avg $/SF
TSC Performance
Reports Library
Tri State Commercial’s research team delivers data-driven insights that help investors, landlords, and tenants make informed decisions in New York City’s ever-evolving commercial real estate market. Our quarterly and annual reports analyze key leasing trends, pricing, and market performance across all boroughs.
Q2 2025 CRE Lease Report
Date: August 15 2025
Summary: NYC leasing activity was steady but modest in Q2, with stable rents and cautious tenant movement. Availability remained elevated, reflecting a slow-but-consistent market.
Methodology Overview
Data Sources
- Internal TSC brokerage records
- Public leasing databases
- CoStar, REBNY, NYC Department of Buildings
Time frame covered
- Primary reporting window: Q2–Q3 2025
Limitations
- Off-market / unreported deals may not be captured.
- Data updates may occur as additional leases are finalized.
Property Types Analyzed
- Office
- Retail
- Industrial
Analytical Framework
- Total deals
- Total SF leased
- Average deal size
- Asking rent per SF
- Notable transactions