2025 Year in Review: Gregg Cohen, Cresa

What transaction, project, or key moment best reflected the direction of the New York CRE market this year? 
Even in the middle of a contentious mayoral election with a clear front-runner for months, the city posted what appears to be one of the strongest office-leasing years on record. Typically, when political control is about to change major occupiers pause, delay renewals, or wait for clarity around incentives, taxes, and proposed policy shifts. Instead, we saw the opposite. Large corporations made long-term commitments, signing multi-floor leases and HQ renewals with 10- and 15- year terms. Companies were betting on New York. The message wasn’t political, it was practical.

What emerging trends or shifts will shape opportunities for you, your firm, or market sector in 2026? 
In 2026, New York’s office market will be shaped by shrinking supply and increased demand from new industries. As more outdated buildings are converted to residential, the spaces companies once depended on for flexibility and cost efficiency will be permanently removed. Simultaneously, AI and advanced-tech firms are entering the market with long-term commitments, competing directly for high-quality, infrastructure-ready office space. 2026 will reward companies that approach real estate as a strategic decision. When the best space becomes scarce, those who are prepared will win.