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NYC Tech Office Leasing Hits 1.1M SF, Overtakes Legal Sector

Tech tenants have leased 1.1 million square feet of New York office space so far in the third quarter, overtaking legal to become the metro's second-largest leasing sector behind finance, according to a September JLL report cited by GlobeSt.com. JLL Managing Director Joe Sipala attributed much of the surge to artificial intelligence, which is driving roughly 60% of tech leasing this quarter, with AI companies of all sizes competing for space as Manhattan supply falls to its lowest level since September 2020, per Colliers' August office report. Flatiron remains the top tech submarket, while Hudson Square, the Penn District and parts of Downtown Manhattan are emerging as alternatives for space-constrained tenants. Sipala said he does not expect tech to hold second place for long, predicting law will reclaim the rank because finance and law tenants have more visibility into future space needs than growth-stage AI companies. He pointed to General Atlantic's 150,000-square-foot lease at 625 Madison Avenue, a 53-story tower slated to open in 2029, as a rare case of a tech-oriented firm committing to ground-up development at that scale.

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Canadian Firms Spend $9B on U.S. Real Estate Despite Trade War

Canadian firms spent $9B on U.S. commercial real estate in the 12 months ending in June, up from a $5B rolling average at the end of the prior quarter, according to Colliers' Global Capital Flows report. Canadian firms sent 32% of the capital raised for global acquisitions to the U.S. in the year through June, up from 19.3% for the rolling 12 months a quarter earlier. Across all global investments, Canadian firms deployed 32% of capital toward multifamily, 27% to industrial assets and 18% toward offices, with Japan, the UK, Spain and Australia among other top destinations, though their combined $4.9B over the last 12 months through June still trails the total outbound capital to the U.S. alone. The U.S. pulled in $28.3B in the most recent period available in Colliers data, leading the UK by $3.4B by June after the UK squeaked past the U.S. three months earlier by just $25M. Adam Jacobs, head of Canada research at Colliers, said he does not expect the escalating tit-for-tat tariffs to have much impact on investment decisions, and noted the U.S. remains a deep and diversified market. The data does not cover the last couple of months, as the trade war between the United States and Canada ramped up with new tariffs.

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US Office Sales Jump 31% as CBD Transactions Accelerate

US office sales posted 31% year-over-year growth in July, with $7.6 billion in nationwide volume, according to Colliers data summarized by Bisnow. Central business district sales rose 46%, outpacing suburban growth of 26%, and first-half office sales reached $40 billion, up 14.1% from the same period in 2025. Major deals included the $300 million sale of Williams Tower in Houston and Hines' $151 million purchase of an Austin office tower. Office was the only traditional sector with year-over-year pricing gains, albeit a modest 4%, while overall traditional property sales were nearly flat at $36.3 billion, down 1%. Vacancy rates declined in more than half of major US markets, with AI-related demand supporting leasing in New York and San Francisco.

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Colliers International beats Q2 estimates with non-GAAP EPS of $1.83 and revenue of $1.57 billion

Colliers International reported second-quarter non-GAAP earnings per share of $1.83, beating analyst estimates by $0.02, while revenue rose 16.3% year-over-year to $1.57 billion, exceeding expectations by $60 million. The company reaffirmed its 2026 outlook, which includes the impact of Ayesa, and continues to expect mid-teens percentage growth in revenues, adjusted EBITDA, and adjusted EPS for the full year on a consolidated basis. Outlook drivers by segment were also reaffirmed.

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Turtle Creek Asset Management boosts Colliers International stake after 30% quarterly drop

Turtle Creek Asset Management increased its position in Colliers International Group during the first quarter of 2026, making it a top-five holding for the first time after the stock fell 30% in the period. The firm dismissed AI-related concerns that roiled Colliers' commercial real estate, engineering, and investment management divisions as misplaced and simplistic, noting the company expects mid-teens EPS growth this year and beyond. Founder and CEO Jay Hennick also bought $16 million worth of stock for his family foundation, and Colliers announced a significant acquisition of a European engineering firm to support its bolt-on acquisition strategy in the EMEA region. Colliers shares closed at $92.89 on June 17, 2026, with a market capitalization of $4.75 billion, and the stock was held by 20 hedge funds at quarter-end.

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