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Hidden in Plain Sight: Pockets of Strength in the Manhattan Market

October 3, 2023 5 Minute Read

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Better buildings in Midtown’s core and the entire Park Avenue submarket have emerged as pockets of strength within Manhattan’s office market. Tenants’ preference for quality spaces and superior locations has led to focused leasing in these areas causing significant declines in availability. This is a notable contrast to the performance of the overall Manhattan market, where the availability rate remains near-record high levels at 19.8%. The elevated volume of available space continues to present a challenge for the market, but the availability of “the right type” of space is dwindling.