Sixth Avenue has the largest amount of available space in Midtown, according to an Avison Young report.
NEW YORK CITY—Looking at the large blocks of contiguous office space either available now or coming online within the next 12 months along Midtown's major avenues—such as Third, Lexington, Park, Madison, Fifth and Sixth—might, at first glance, cause something of a scare.
After all, the amount of square footage available isn't small, and there's a spooky question to consider: are there enough tenants to fill all of the offices?
Avison Young's Marisha Clinton, senior director of research, tri-state, set out to answer that question in a new report.
Sixth Avenue has the largest amount of available space, the research states, including over 268,000 square feet being vacated by White & Case at 1155 Ave. of Americas, which will relocate into over 440,000 square feet at the 1221 avenue address in January 2017.
This is followed by Madison Avenue, which includes over 620,000 square feet of space at the avenue's 390, to be delivered at the end of next year. It currently is uncommitted.
But “the good news,” the report continues, is that tenants are “trick or treating” across these streets. There reportedly has been a growing, broad range of tenants either relocating or renewing their leases along these avenues. Even better is the fact that, so far, the fourth quarter is starting out as no exception to these trends, according to AY's research department.
And there's another reason that the large supply of available big blocks of Midtown office space shouldn't keep any brokers up at night, Clinton continues in her report.
“There are many amenity-rich treats—with upgrades on the horizon—that keep the avenues desireable.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
