Stat of the Week: 14.7 Percent
In keeping with the spirit of this week’s Power 100 issue, it is time once again for the third annual Power Five list, which focuses on the submarkets with the top leasing activity over the past 12 months. To make things fair across all 17 submarkets, the ranking is based on total leasing activity as a percentage of total submarket size. This year, the Power Five was dominated by Midtown submarkets. It has two newcomers on the list and one making its third appearance in a row.
5. World Trade Center – The only Downtown representative on the list makes the ranking for the second year in a row and stays in the number five spot with 7.7 percent of its inventory leased or renewed.
4. Chelsea/Meatpacking – One of this year’s first-timers is the only Midtown South submarket to make the list with 8.6 percent of its inventory leased. The 570,000-square-foot renewal by the U.S. Drug Enforcement Administration at 99 Tenth Avenue this year certainly helped this submarket make the list.
3. Fifth/Madison – The inaugural winner of the Power Five makes it back into the ranking after a second year slump with 8.6 percent of its inventory leased.
2. Park Avenue – The second newcomer to this year’s list put in a stellar leasing activity performance over the past year as 10.7 percent of the inventory was leased.
1. Penn Plaza/Hudson Yards – What’s the old adage, “Third time’s the charm?” Well that is certainly the case for this submarket, which has been stuck in the number two spot the last two years. Finally, after the third time, Penn Plaza/Hudson Yards takes home the top spot with 14.7 percent of its inventory leased. The Skadden Arps 545,000-square-foot lease this year certainly assists this number one ranking, but even without this lease, this submarket would still take home the lead ranking.