2018 was a record-setting year for Manhattan’s office market with leasing activity hitting 32.4 million square feet, the highest annual total since 2000.

A strong economy, growing office employment and the surging stock market at the time all contributed to this massive growth.

Coworking firms took up 18% of leasing activity, while financial services firms accounted for 28%.

New York-based company Blackstone Group is closing on a real estate fund after a year of slowed real estate fundraising. The company is targeting a $20 billion investment vehicle, which is more than all the commercial real estate traded in Chicago, New York and San Francisco last year.

Brooklyn property trades have also gone up with $7.4 billion in total dollar volume last year, a 15% increase from 2017. Despite this, transaction volumes continued to slide with a 12% drop from 2017 and a 37% from 2015.

According to a report by the National Association of Real Estate Investment Trusts, real estate investments trusts (REITs) could have a better year than in 2018 thanks to industrial demand and the evolving retail industry.

Decreased opportunity for new construction will allow new facilities out of infill spaces, such as warehouses and logistics centers.