Manhattan Midtown South Market Reports

Manhattan Midtown South Office Market

The Midtown South availability rate increased to 18.8%, a surge of 80 basis points quarter over quarter. There were three large-block additions across the market. These included two sublease listings at 90 Fifth Avenue and One Hudson Square, as well as a direct block spanning 105,468 square feet at 625 Avenue of the Americas. After availability rates decreased in four of the five Midtown South submarkets last quarter, there were four increases this quarter to close the year. NoHo/SoHo and Hudson Square/Meatpacking recorded the greatest quarter-over-quarter jumps, increasing by 280 and 170 basis points, respectively. Although Flatiron/Union Square was the lone submarket in which availability declined, falling 80 basis points to 20.5%, it maintained the highest rate across Midtown South.