May 29, 2017
So far in 2017, only five of the top 20 leases signed in Midtown were east of Fifth Avenue, compared to a dozen at midyear 2016, according to data from JLL’s Chart of the Week.
Demand for new office space at Hudson Yards accounted for some of the shift, including the law firm Cooley at 55 Hudson Yards. But, big lease renewals on the Avenue of the Americas and on the west wide of Fifth Ave., including Fox/NewsCorp and HSBC, also made a difference.
“Don’t expect the trend to reverse anytime soon,” according to JLL. “More large leases are on track to close at Hudson Yards by the end of the year.”
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