February 22, 2019
Long a reliable source of large, value-add office space, Hudson Square is now the tightest submarket in Midtown South. One of the main reasons, says Transwestern, is Google.
Even as it paid $2.4 billion to acquire Chelsea Market in early 2018, with plans to add more space to the property, the tech giant finished the year with two leases totaling more than 450,000 square feet in Hudson Square.
The company committed to 280,000 square feet at 315 Hudson St., and 180,000 square feet at 345 Hudson. That leaves just one block of more than 100,000 square feet in the submarket.
“This significant availability shift in Hudson Square will continue to force high-growth TAMI tenants out of Midtown South,” said Rory Murphy, partner, Transwestern. “With New York City on the rise as the world’s top technology city, we are certainly discussing other submarkets for our TAMI clients, most notably Lower Manhattan.”
Pictured: 315 Hudson St.
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