CNBC's Diana Olick reports on why office leasing in Manhattan is surging.

Manhattan

Manhattan's office leasing market experienced significant growth in the fourth quarter, marking its strongest performance since 2019. According to Collier's, leasing activity increased by more than 25% from the previous quarter and was 16% higher year over year, fueled by a return to office, tech sector hiring, and expansions by major tenants such as Amazon, NYU, and BlackRock.

Despite the positive momentum, the supply of available office space remains nearly 37% higher than at the start of the pandemic, though it has decreased from its post-pandemic peak. Rents have begun to rise as demand absorbs excess supply, with the market showing continued improvement but not yet fully recovered.

Manhattan office leasing surges

After many predictions that the New York office market would never bounce back fully after COVID and amid the rise of work from home and with the threat of mayor-elect or mayor, Mamdani, well, anyway, it does appear to be coming back to life. Diana Olick has the details in today's Property Play. Diana? Well, Kelly, Manhattan office leasing in Q4 was the strongest in six years, driven by continued return to office and increased tech hiring, especially for artificial intelligence. Leasing increased by more than 25 percent from the third quarter, according to Collier's. Demand was 16 percent higher year over year and close to 52 percent above the five-year quarterly average. So it was the island's strongest single quarter of leasing since the end of 2019. Now, for all of last year, leasing volume was the highest since 2019 and just over two percent below 2019's pre-pandemic total. Experts at Collier's pointed to factors accelerating their recovery, like tenant flight to quality in order to attract and retain talent, strengthening return to office, emerging A.I., industry leasing and sizable expansions by major tenants such as Amazon, NYU and BlackRock. Industries showing an uptick in demand, finance, tech, legal, education, medical, nonprofit and government. Now, the supply of available office space is still much higher, up nearly 37 percent than it was at the start of the pandemic in March 2020, but much lower than the post-pandemic peak in February 2024. As demand rises, the oversupply is slowly being absorbed and Manhattan now has the tightest supply since November 2020. Rents are finally rising a little. There does continue to be that flight to quality, to Class A leading, so we're not totally out of the woods yet. Now, for more on this and other big plays in commercial real estate, go to cnbc.com forward slash property play for your property play newsletter. It is free, Kelly. It better be. No, thank you. It's free for now. I know how this works, Diana. Then it's $20 a month, then it's $40.

U.S. forces have boarded a Venezuela-linked sanctioned oil tanker in the North Atlantic after pursuing it for weeks. The U.S. military also announced the seizure of a sanctioned tanker ship in the Caribbean Sea, the second vessel taken by American forces on Wednesday.

Venezuela Strikes

U.S. seizes two more sanctioned oil tankers with links to Venezuela

A woman was fatally shot by an ICE officer Wednesday morning in Minneapolis, the Department of Homeland Security says. CBS News' Nicole Sganga reports from the scene.

Minneapolis

Protesters gather after ICE shoots and kills woman in Minneapolis

The U.S. seized a Russian-flagged oil tanker that was being shadowed by a Russian submarine on Wednesday (Jan. 7), after a more than two-week-long pursuit across the Atlantic as part of a U.S. "blockade" of Venezuelan oil exports.

U.S. seizes Venezuela-linked oil tanker after weeks-long pursuit

Nick Reiner, the son of Rob and Michele Reiner, is set to be arraigned in the killing of his parents, Rob Reiner and Michele Singer Reiner. It comes as details emerge about his time in custody and how his mental health history could play a role in his case.

Los Angeles

Nick Reiner due in court on murder charges

Flights across France and Belgium and Eurostar train services have been severely disrupted by the winter weather.

Paris

Eurostar trains and hundreds of flights cancelled amid heavy snowfall

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Tehran

Iran's President urges security forces not to target protesters

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Death toll rises as Iran's security forces clash with protesters

Members of the North Atlantic Treaty Organization (NATO) are reacting to the Trump administration's comments on a potential Greenland takeover from Denmark.

Nuuk

European leaders blast Trump over Greenland takeover discussions

Donald Trump says Venezuela will hand over as much as 50 million barrels of oil and he will control the profits.

Washington

Trump says Venezuela will turn over 30-50 million barrels of oil

Britain and France have said they could send troops to Ukraine if a ceasefire is agreed. The pledge came at a Paris meeting of 30 nations, including the US, on security guarantees demanded by Kyiv before any peace deal.

London

Ukraine Invasion

UK, France ready to deploy troops in Ukraine after ceasefire

Colombian President Gustavo Petro said he would “take up arms” in the face of threats issued by US President Donald Trump.

Bogotá

Colombia vows to defend its sovereignty amid Trump’s military threats

Israeli forces storm Birzeit University in the occupied West Bank soon after students begin a sit-in in solidarity with jailed Palestinians.

Jerusalem

Middle East Conflict

Israeli school assault wounds dozens of Palestinians in West Bank raid

The White House says U.S. President Donald Trump and his team are considering a range of options in efforts to acquire Greenland as the ouster of Venezuelan leader Nicolás Maduro continues to reverberate in the Western Hemisphere.

Trump sees acquiring Greenland as a national security priority

The United States for the first time backed a broad coalition of Ukraine's allies in vowing to provide security guarantees that leaders said would include binding commitments to support the country if it is attacked by Russia again.

U.S. backs security guarantees for Ukraine at summit of Kyiv's allies

South African President Cyril Ramaphosa has expressed deep concern over recent U.S. military action in Venezuela, calling for the immediate release of Venezuelan President Nicolás Maduro and his wife.

Soweto

Ramaphosa urges UN action after U.S. capture of Maduro

At least 25 people have been killed in Iran during the first nine days of protests that started in the bazaar of Tehran over the plunging value of the currency and soaring inflation, according to rights groups. This video contains graphic images.

Rights groups say at least 25 dead in Iran protests

The administration of President Donald Trump is planning to meet with executives from U.S. oil companies later this week to discuss boosting Venezuelan oil production after U.S. forces ousted its leader Nicolas Maduro, according to a source familiar with the matter.

Trump administration sets meetings with oil firms on Venezuela: source

Uncertainty in Venezuela has crossed into neighboring Colombia, especially after U.S. President Donald Trump suggested Colombian President Gustavo Petro could face U.S. action following the capture of Nicolás Maduro.

Tension rises in Colombia after Maduro’s capture

Nicolas Maduro appeared in a US courtroom on January 5, 2026. He pleaded "Not Guilty" to drug trafficking and other charges, insisting he is still Venezuela's president. Maduro's kidnapping is being justified by the Trump administration as a "surgical law enforcement operation", but what proof is the case resting on?

New York

Maduro pleads 'not guilty' in U.S. drug trafficking case

Local authorities in Crans-Montana admitted failing to conduct fire and safety inspections at Le Constellation bar, where a fire killed 40 and injured 116 during New Year celebrations.

Crans-Montana

Swiss Alps bar not inspected for five years prior to deadly fire

Twelve Israeli military vehicles have entered the Quneitra countryside in southern Syria. Several villages there have been the target of repeated Israeli raids in recent months. Tuesday's incursions come as discussions between an Israeli and Syrian delegation are expected to continue in Paris - mediated and coordinated by the U.S.

Beit Jinn

Israeli army vehicles enter southern Syria ahead of Paris talks

Following the largest anti-corruption investigation of his presidency, Volodymyr Zelenskyy has launched a significant shake-up of the government and his office, with a series of dismissals and appointments in top political and security roles.

Kyiv

Ukraine's security service chief resigns amid Zelenskyy's reshuffle

The capture of Nicolás Maduro is prompting strong reaction from Venezuelans in the United States, and those who fled across the border into Colombia. Lilia Luciano has more on the two women vying to lead the country. Then, Cristian Benavides reports on opposing viewpoints on U.S. intervention.

Caracas

Two women vying to run Venezuela amid opposing viewpoints

Police and the Secret Service are investigating a break-in at Vice President JD Vance's Ohio home. CBS News' Shanelle Kaul has more.

Cincinnati

Vice President JD Vance's Ohio home broken into

Ousted Venezuelan President Nicolás Maduro and his wife pleaded not guilty Monday to federal drug trafficking and weapons charges, days after they were captured by U.S. military forces in a stunning overnight operation and brought to New York City for prosecution.

Maduro, wife plead not guilty to charges in New York

A Paris court on Monday (January 5) found 10 people guilty of the cyber-harassment of France's first lady, Brigitte Macron, for spreading false claims that she is a transgender woman who was born male.

Ten convicted for cyber-bullying France's Brigitte Macron

Nicolás Maduro's vice president, Delcy Rodríguez, was officially sworn in as Venezuela's acting president. President Donald Trump warned he could go after her if she doesn't comply with U.S. demands, including access to the country's oil supply.

Trump says U.S. "in charge" of Venezuela

A Paris ​court on Monday found ten people guilty ⁠of the cyber-harassment of France's first lady, Brigitte Macron, for spreading false claims she is a transgender ​woman who was born a man. The court convicted all defendants to sentences ranging from a cyberbullying awareness training to 8-month suspended prison sentences.

Ten people found guilty of cyberbullying Brigitte Macron

Venezuelan President Nicolás Maduro is set to appear in a U.S. court on Monday (January 5) on drug charges after his controversial capture by American forces. President Donald Trump says he could order another strike if Venezuela’s interim government doesn’t cooperate.

Trump warns of second strike as Maduro faces U.S. drug charges

Former Venezuelan President Nicolás Maduro is being housed at Metropolitan Detention Center, Brooklyn, after he was captured by U.S. forces and flown to New York to face federal drug trafficking and weapons charges.

Breakdown