He admits this may be “the new normal. For the stalwart sectors—financial and legal—I don't see any change from capital preservation and reconfiguration for the foreseeable future.”

These trends are creating value plays all along sixth avenue, Thomas says. “Deals can be found on a direct basis at 1177 Ave. of the Americas and 1155 Ave. of Americas,” he says. On a sublease basis, the following offerings are available, Thomas reports: Alliance Bernstein sublease, at 1345 Ave. of Americas, through 2022; RSM McGladry sublease, at 1185 Ave. of Americas, through 2018; and an Allied Irish Bank sublease, 1166 Ave. of Americas, through 2020.

Meanwhile, the report states, while much of Midtown and Midtown South doesn't work for prospective tenants, the Times Square area has become increasingly attractive. Times Square north—as Cresa calls it—is being repositioned by landlords as a more affordable and centrally located spot than Midtown South; while the area's southern portion posted Midtown South's only positive absorption rate, at a high of 341,000 square feet.

Says Thomas, “With the announcement in early June of Yahoo's move to 229 W. 43^rd St., (the old NY Times building) for 176,201-rentable-square-feet, as well as the earlier move of 10 gen into the building, people are beginning to see Times Square as the next hot area for tech and new media tenants.”

And Downtown continues its resurgence, complete with new tenant types. Rents are below any other submarket, at $49.60, and the area's flexible space could accommodate many tenant types, Cresa reports. The education, non-profit and real estate sectors seem to have caught onto this, as evidenced by the Nyack College deal, the YMCA Retirement Fund lease and the WeWork deal, signed in the first quarter.

“There are deals to be had Downtown and brokers for these non-traditional tenants see the value,” Thomas says. “I think you'll continue to see more of that.”