The Midtown Olympics
By Richard Persichetti February 11, 2014 7:00 amreprints
In honor of the Winter Olympics, I thought we should award medals for major Midtown avenues’ leasing activity for three different events: total number of leases, total leasing volume and total lease renewals in 2013. Last year, there was a total of 21.2 million square feet leased in Midtown, with 62.3 percent leased on the major avenues, meaning street addresses did not qualify for the games. So without further ado, let’s take a look at the medalists from the three Midtown leasing events.
The bronze medalist for the avenue with the most lease transactions signed in 2013 is Park Avenue, with 88 leases. The silver medalist, with 94 leases, is Fifth Avenue, and the gold medal goes to Madison Avenue, with 108 leases signed. This gold medalist accounted for 19.2 percent of the leases signed on the avenues.
The bronze medalist for avenue with the most leasing velocity goes again to Park Avenue, with 2.1 million square feet leased. The silver medal goes to Madison Avenue, with 2.7 million square feet leased, and the gold medal goes to the perceived underdog, Avenue of the Americas, with 2.8 million square feet leased. The most square footage leased or renewed in 2013 was on Avenue of the Americas, which accounted for 21.3 percent of the leasing activity on Midtown avenues.
The bronze medalist among Midtown avenues for most square feet renewed is Avenue of the Americas, with 844,825 square feet renewed. The silver medal goes to Lexington Avenue, with more than 1.4 million square feet renewed. And the gold medal for the most square footage renewed goes to Madison Avenue, with more than 1.9 million square feet renewed, a figure that account for 32.8 percent of the space renewed on Midtown avenues.
So for those of you keeping score, Madison Avenue wins the Midtown avenue leasing activity Olympics, with two gold medals and one silver.