Vornado Realty Dips As Manhattan Office Leasing Moves Up

2026-02-13 03:04:53 ET

Vornado Realty's ( VNO ) 30% pullback from its 52-week high through the last few months has come at odds with the continued rise in its occupancy rate as demand for prime office space in Manhattan strengthens. The borough's total vacancy rate at the end of December declined by 300 basis points year-over-year to 13.6% , the lowest total vacancy rate of all U.S. metro areas. The REIT's New York occupancy rate came in at 90% to end 2025, a material 250 basis points sequential improvement from the third quarter, even as 555 California Street saw occupancy dip by over the same period to 88.9% to end the fourth quarter. The upswing in New York leasing volume has placed VNO's occupancy rate back in the 90s, helping management to hit a key objective. I expect this occupancy rate to continue to increase, with most New York business leaders expecting to expand office space within 18 months, according to a recent KPMG survey ....

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