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Midtown South Office Leasing Volume Rises, But So Does Availability
Midtown South office leasing volume in August doubled the July total and was up 24.3% year-over-year, reported Colliers International’s Franklin Wallach, senior managing director, New York research. However, the increase was due almost entirely to Facebook’s 730,000-square-foot commitment at 390 Ninth Ave., and Midtown South, like Manhattan’s other two office submarkets, saw an increase in the availability rate.
Downtown recorded just 20,000 square feet of leasing during August, with volume lower than July by nearly half. Midtown’s 470,000-square-foot tally for August was nearly 70% lower than July’s.
Across Manhattan, total leasing volume for August was down by nearly half to 1.3 million square feet, compared to 2.39 million square feet in July. On a Y-O-Y basis, volume was off by 20.9%. Sublet inventory accounted for 23% of total availability, the highest share since 2010. Asking rents slipped by 1.3% from July to $78.01 per square foot.
Pictured: The Farley Building at 390 Ninth Ave.
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