Data: Large commercial blocks scarcer
By Tom Acitelli, The Real Deal
Large blocks of available Class A commercial space continue to dwindle in a tightening Manhattan market.
Cushman & Wakefield released statistics Monday afternoon for the third quarter of 2005 that showed the number of spaces greater than 200,000 square feet shrinking markedly, especially in Midtown and Downtown. At the start of 2005, 23 Class A spaces greater than 200,000 square feet were on the market in Midtown; by the end of September, only 10 remained. In Downtown, absent the currently vacant 1.7-million-square-foot 7 World Trade Center, three blocks of Class A space greater than 200,000 square feet were available at the end of September. (In Midtown South, there’s only one, but that area’s commercial market is dominated by Class B space.)