Midtown’s coming exodus

The once go-to office market is losing tenants at a rapid clip — and has more departures coming down the pike

Midtown buildings with the most space to fill
Midtown buildings with the most space to fill

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.

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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]