The Real Deal New York

Midtown sees rise of tech tenants squeezed out of adjacent Midtown South

The once-stodgy area is seeing spillover effect

October 01, 2012 04:00PM
By Adam Pincus

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Midtown Manhattan

From the October issue: It’s well-documented that Midtown South has become New York’s hub of new technology and media. But with available office space in the area growing scarce, tech activity is moving north, causing some to predict that the traditionally stodgy Midtown market could become (at least a little) hip. Midtown South has outperformed other Manhattan markets over the past two years, with the sharpest rise in asking rents and the steepest decline in availability. That’s driving some tech tenants to consider lower-priced, postwar office buildings in Midtown. [more]