The two largest leasing deals of the year to date in Midtown Manhattan amounted to nearly one-third of the total office leasing activity in the borough in May.
Bloomberg's extension of its 947K SF lease at 731 Lexington Avenue and Bain & Co.'s new 235K SF lease at 22 Vanderbilt Avenue pushed Manhattan's total office leasing volume up to 2.98M SF last month, an 8.4% increase over April's total of 2.75M, according to a new market report from Colliers.
The lift from the two mega-deals overcame a 40% plunge in office leasing velocity in Midtown South, which dropped to 860K SF from April's total of more than 1.4M SF. Leasing volume Downtown dipped to 152K SF in May from the April tally of 199K SF, the report said.
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