Office leasing demand in Manhattan submarkets such as SOHO/NOHO and Meatpacking/Hudson Square and Midtown South are leading KPG Funds to predict an imminent surge in NYC leasing activity for the next couple of quarters.
"These micro submarkets continue to massively outperform other submarkets and are on pace to have more demand than supply," Greg Kraut, CEO of KPG Funds, said in a release.
According to KPG's Q3 RSSI Index results, during the third quarter, every Manhattan submarket had more tenant demand than in the first quarter. Most of the new tenant demand was in Midtown South to the tune of 6.5 million square feet, up a staggering 64 percent from Q1 this year, according to the analysis.
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