Cushman & Wakefield, one of the world’s leading commercial real estate firms, is making major strategic moves across Manhattan as the city’s office market shows signs of renewed vitality.

The company, which advises top landlords and tenants globally, is expanding its local presence and shaping the next chapter of New York’s commercial real estate recovery.

According to Cushman & Wakefield’s Q3 2025 Manhattan Office MarketBeat report, leasing activity across the borough surged to 7.3 million square feet during the quarter — marking nearly 23 million square feet year-to-date, up almost 38% from 2024.

Vacancy rates have dropped to 22%, the lowest level since early 2023, while asking rents rose to $72.81 per square foot overall, with Class A spaces commanding an average of $81.89.

“These numbers show that tenants are returning to high-quality spaces that foster collaboration, flexibility, and employee engagement,” the firm’s report noted.

“Premium locations are seeing sustained demand as companies recalibrate their workplace strategies.”

Cushman & Wakefield is putting its market optimism into practice by relocating its New York City headquarters to 31 West 52nd Street, a Midtown office tower owned by Paramount Group.

The firm will occupy five contiguous floors—spanning roughly 130,000 square feet—with an opening planned for late 2026.

The new space, designed by Perkins&Will, emphasizes open collaboration, employee wellness, and advanced sustainability features.

“Our new Manhattan headquarters will reflect how the workplace has evolved — flexible, inclusive, and experience-driven,” said a Cushman & Wakefield spokesperson.

“It’s not just where we work, but how we connect.”

Beyond market activity, Cushman & Wakefield continues to focus on financial discipline.

Earlier in 2025, the firm repriced its term loan and prepaid $100 million in debt, signaling confidence in its long-term balance sheet. The firm has also faced scrutiny.

In January, it was named among several property managers in a U.S. Department of Justice lawsuit alleging improper coordination of multifamily rental data.

Cushman & Wakefield has denied wrongdoing and pledged full cooperation with investigators. With leasing volumes up, vacancy declining, and premium offices commanding higher rents, Manhattan’s real estate market appears to be stabilizing—and Cushman & Wakefield is at the center of that story.

The company’s move to a new headquarters, coupled with high-profile client wins, underscores its confidence in the city’s long-term resilience.

“Manhattan remains the epicenter of global business,” said John Santora, CEO of Cushman & Wakefield’s Americas division.

“We believe in the city, its people, and its enduring power to reinvent itself.”

About Cushman & Wakefield

Founded in 1917, Cushman & Wakefield operates in more than 60 countries with approximately 52,000 employees. Its New York offices remain the cornerstone of its global operations, serving as both a command center and a symbol of the firm’s enduring connection to the city’s dynamic property market.

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