July 20, 2017
Companies aren’t leasing much office space in Midtown South — but not for lack of trying. Until very recently, there hasn’t been much space available.
The volume of office leases signed fell to 770,000 square feet in the second quarter, according to Avison Young, down 26% from one million the year before.
Midtown South still had the lowest vacancy rate for office space in Manhattan, even after a few hundred thousand square feet of direct and sublease space came on the market near the end of the quarter.
Top deals included:
– Google’s 60,000-square-foot expansion at 85 10th Ave.
– The City’s Department of Citywide Administrative Services’ 349,000-square-foot renewal at 109 E. 16th St.
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