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New York

Midtown malaise extends beyond Sixth Avenue

Other Midtown corridors are getting hit, but overall Manhattan pre-leasing activity on rise

Midtown Manhattan
Midtown Manhattan

From the May issue: Office-leasing brokers have been blaming Midtown’s lackluster activity on Sixth Avenue for some time. Yet it’s now becoming clear that the percentage of available space on several neighboring avenues is higher than it is on Sixth — and it’s rising.

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At the start of last month, the percent of available Class A office space along Sixth Avenue hit 12 percent. But the availability rate — which measures the amount of office space that’s available or will become available over the next 12 months — was even higher along Madison, Third and Fifth avenues. [more]