New York City’s leasing activity, which includes all new deals and expansions, reached 32.4 million sq. ft. in 2018—its highest annual total since 2000’s 33.1 million sq. ft. Over the past ten years, new leasing has averaged roughly 25.8 million sq. ft. per year. The 2018 total surpassed the average by 26%, and reflected two important factors. The first was business growth, fueled by a buoyant economy, a surging stock market (which has since dissipated) and expanding office employment. The other factor propelling the Manhattan market has been the ample supply of large blocks of space in high-quality buildings, both new construction and also highly renovated office product, that has spurred a strong trend in large corporate relocations including Pfizer’s move to 66 Hudson Boulevard, Peloton’s growth into the redeveloped 441 Ninth Avenue and Latham & Watkin’s relocation to the renovated 1271 Avenue of the Americas.