After years of downsizing, tech companies are back in Manhattan’s office market. OpenAI just signed a 90,000-square-foot lease at the Puck Building in Soho—its first NYC office—while fintech firm Chime took 84,000 square feet in Flatiron and AI startup AlphaSense grabbed 50,000 in Hudson Yards.

These moves mark the strongest start for tech leasing in 25 years, with over 1.6 million square feet (148,645 m²) leased in Q1 and April alone, nearly matching all of 2023. Driving the rebound: renewed VC funding, AI momentum, and shifting work habits. More firms are committing to hybrid models, with many employees returning even on non-mandated days.

Tech giants like Amazon, Apple, and Google are expanding, while smaller and international firms are entering the market. A shortage of top-tier buildings is pushing tenants to lock in space early—some even three to five years ahead—suggesting a return to a landlord-friendly market, even in areas like Downtown and Brooklyn.

(source: The Real Deal, picture: Emanuel Ekstrom)