Stat of the Week
Like the westward expansion that gripped the nation during the early to mid-1800′s, the expansion of Midtown Manhattan offers the city’s commercial real estate pioneers a modern crack at manifest destiny.
The trajectory of Midtown’s new building stock over the last seven decades tells a story of westward expansion that most recently struck Midtown West with the Hudson Yards development project.
“Hudson Yards really is the last frontier,” said James Delmonte, principal and vice president of research at Avison Young. “Firms are looking for newer product and larger floor plates, largely because there really is no available land on the east side.”
Talk about a nice round number—50!
Well, maybe not so nice, as 50 is the total number of Midtown Manhattan buildings with at least 100,000 square feet of (mostly) contiguous availability. (I say “mostly” because, in some cases, there are two large chunks within a building that can be put together to equal more than 100,000 square feet.)
Sublease space has begun to weigh on the Manhattan office market according to a report released Monday by the real estate services company Cassidy Turley.
The company said that sublet availability rose during five of the past seven months and shot up by 200,000 square feet in July, hitting a peak level over the past year.