Manhattan Market Report
Planet Fitness has signed a 16,000-square-foot lease at 22 East 14th Street in Union Square.
The deal reportedly gives the gym 1,000 square feet on the ground floor and 15,000 square feet on the lower level in a building owned by The New School.
Though it still makes up just two percent of the Manhattan office market’s total inventory, a number of significant deals have caused a surge in the education sector’s Manhattan footprint.
A report from CBRE attributes the 47 percent jump in office space leased by the sector – between 2005 and November 2012 – to a growing residential population, increases in enrollment at universities, campus expansions, greater availability and lower asking rents in sections of Midtown South and Downtown.