Third Avenue — once the last resort for New York’s office tenants – is gaining in popularity due to the city’s improving office market.
The availability rate of the area through September dropped to 10.7 percent from 13.4 percent at the end of 2013, according to CBRE data reported by the Wall Street Journal. Midtown’s overall availability rate was 11.1 percent. During the same period, rents on Third Avenue rose to $59.90 per square foot from $57.45 per square foot. [more]