2019 was a very good year for the Manhattan office market, with nearly every performance indicator in a strong position. The staying power of both the U.S. and New York City economies, each with year-over-year growth and jobs gains for the 10th straight year, helped to sustain strong demand. Manhattan finished the year with 31.6 million sq. ft. of leasing activity, one of the highest annual tallies of the decade, trailing the cycle-high 2018 total by just 2.5%. Leasing velocity, which includes renewals as well as new leases and expansions, was 39.6 million sq. ft., the best year of this real estate cycle.