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Scorecard: Midtown office availability rate on the rise as asking rents decline
A monthly round-up of data and reports on the commercial market
From the May issue: Midtown office leasing activity dipped in March to 920,000 square feet from just over one million square feet the month prior, and the availability rate increased slightly to 11.9 percent from 11.8 percent.
The largest transaction in the submarket was publisher W.W. Norton & Company’s 95,000-square-foot expansion at 500 Fifth Avenue, data from JLL shows.
Leasing also slumped in Midtown South, where there was 490,000 square feet of activity, down 29 percent from a year ago.
The availability rate remained at at 10.9 percent, according an analysis of CBRE data.
