Richard Plehn - Commercial Real Estate Advisor

06/01/2026

🤔Need a 2–3 year office lease in Manhattan? It's becoming harder than you might think.

While recently searching space for a client, we found very few landlords willing to commit to terms under 5 years—a sign that the market is shifting.
Midtown's average lease term has increased from 86 months to 93 months year-over-year.

Visit my website for the latest Q1 2026 Manhattan Office Market Report, to understand why this is happening: www.richardplehn.com

05/29/2026

🏢Proud to have collaborated on this exciting new office lease at The Westory in Washington, D.C. Congratulations to Liu Shur Kravis LLP on the launch of their new firm and best wishes for continued success in this next chapter.
Thank you Lee & Associates Chesapeake Region, Kristin Rebeck and Mia Eglinton.
💪A great example of how strong partnerships and cross-market collaboration continue to drive opportunities in today’s office market. Thank you to everyone involved in helping bring this deal together.

Richard Plehn I Lisa Ann Pollakowski I Cory Gahr I Lee & Associates NYC

05/28/2026

🏢Highlight CRE news: Law firms continue to be one of the strongest drivers of Manhattan office leasing activity.

According to a new report highlighted by The Real Deal, firms including Willkie Farr & Gallagher and Kirkland & Ellis recently expanded their NYC footprints by more than 50,000 SF each — another sign that top-tier tenants are still committing to quality office space in Manhattan.

The legal sector remains one of the most active and stable tenant categories in today’s office market, particularly in Midtown and Midtown East.

➡Read the full story on https://therealdeal.com/new-york/2026/05/21/law-firms-keep-manhattans-office-market-humming/

Willkie Farr and Kirkland & Ellis each expanded by more than 50,000 square feet at their Midtown locations.

05/26/2026

🧐CRE News This Week: Another sign that tech demand continues to support Manhattan office leasing.
Marketing intelligence platform Profound signed a 30,000 SF lease across two full floors at GFP Real Estate’s 5-9 Union Square West, with asking rents reported at $75 per square foot. The fast-growing company is expanding from its existing Union Square presence, as the area continues to attract innovative firms looking for a vibrant environment and strong transit connectivity.

🌐Read the full story on

Profound has leased two full floors of GFP Real Estate's eight-story building at 5-9 Union Square West.

05/26/2026

👔Would you pay $84/SF in Midtown when Downtown office space is averaging closer to $50/SF?

🧐As the rent gap widens, I expect more tenants to take a serious look at Downtown in the coming quarters.
Here I break down what I'm seeing in the Manhattan office market and why this trend matters.

✅Read the full Q1 2026 Market Report on my website:
www.richardplehn.com

05/22/2026

🏢 Downtown Manhattan entered 2026 with improving leasing momentum as tenants continued prioritizing value, upgraded infrastructure, and flexible floor opportunities.
The market continues to show:
• Competitive effective rents
• Active relocation discussions
• Growing appeal for creative and financial tenants
• Increased attention around repositioned assets
📈 Our "Q1 2026 Market Report" breaks down the key leasing, pricing, and availability trends shaping Downtown Manhattan, read in full on my website:
https://richardplehn.com/market-report-downtown-commercial-office-q1-2026/

05/21/2026

📍A good reminder on Fifth Avenue: great retail isn’t just about the tenant — it’s about the real estate.

🏢When H&M opened its 57,000 SF flagship at 589 Fifth Avenue, the project didn’t just deliver a store. The renovation transformed the building itself with a full glass curtain wall, a five-story atrium created by removing structural columns, and a layout designed to showcase retail activity directly to the street.

For landlords and brokers, this is the power of flagship retail: the right tenant and the right design can completely reposition an asset and elevate its presence on one of the world’s most competitive retail corridors.

Retail done right becomes architecture — and marketing for the building itself.

🌐Visit www.richardplehn.com for more on

05/20/2026

📊 Out now: Commercial Office Market Report Q1 2026 🏢
Midtown Manhattan continues to separate itself from the rest of the office market.
🔷 Leasing velocity remains strong, Class A demand continues to outperform, and premier availability is tightening in key corridors around Grand Central and Park Avenue.
🔷 Tenants looking for top-quality space are finding fewer options — while landlords in well-positioned buildings are gaining leverage again.
↘️ Read the full report on my website: https://richardplehn.com/market-report-midtown-commercial-office-q1-2026/

05/18/2026

🥙 🏢 Hosted a great broker tour last week at the office space on 72 Spring Street in SoHo, followed by lunch at Balthazar.
Great to catch up with brokers from Lee & Associates NYC, Savills, Okada & Company, RDE Advisors, Inc., ABS Partners Real Estate, Sinvin Real Estate and the Kaufman Organization.
✨ Always good to walk the space together and talk about what tenants are looking for in SoHo right now.

05/15/2026

✨ Cindy and I enjoying a little Derby Day fun in New York a few days ago, while the action unfolds at Churchill Downs. Great party, great company!