Soho

Hip Retailers, Tech Startups, Compete For Scarcity of Space in SoHo

CO MID-TOWN SOUTH 20, 22

If the Midtown South office market is hot, then Soho has been scorching.

The total vacancy rate for the third quarter of 2012 was just 3.1 percent, a 1.3 percentage point drop from last year, according to a quarterly report issued earlier this month by Cushman & Wakefield. With just 47 buildings and a little more than 4 million square feet of total inventory, available space added up to slightly more than 126,000 square feet, a decline of 27.8 percent from last year, analysts told The Commercial Observer.

“There’s just a lack of inventory across the board, which will just keep pushing rents north,” said Greg Taubin, executive managing director at Studley. He added that there is “continued demand from tech-related tenants seeking the look and feel of a collaborative environment.” Read More

Lease Beat

Casserole Labs Moves to Brooklyn

Courtesy of DumboNYC

Casserole Labs is moving across the river to a new office in DUMBO.

The tech company is currently located at 568 Broadway but will relocate to 4,500 square foot office at 231 Front Street for the next five years.

“[There are] windows on three sides. Large, brick and timber high ceilings,” commented Christopher Havens, the Read More