Midtown’s coming exodus

From the August issue: By now the headlines are familiar: Tenant X is heading Downtown or Tenant Y is taking space on the Far West Side.
But what’s often left out of the headlines is that those tenants are leaving behind giant blocks of office space elsewhere. And, more often than not, those empty sites are located in Midtown.

While Midtown has been losing its competitive edge for some time, the slippage has accelerated in the last few years as new office supply has come on the market in other parts of Manhattan and the Midtown stock has become dated. [more]