With all the talk about Midtown South’s incredibly shrinking vacancy rate, it’s easy to conclude that deals by a swarm of new-media companies, social applications and tech startups are at the heart of the market’s heralded rebound. But a closer look at third quarter leasing activity suggests that companies with long histories, like Estée Lauder, should take equal billing. Ken McCarthy, senior economist at Cushman & Wakefield, reviewed Midtown South’s third-quarter activity and explained why the market and its five submarkets performed so well in the last quarter and in the past 12 months.

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