For a while now, Manhattan's office sector has been booming. But one part of the city has been particulary active — all office commercial buildings located on Park Avenue.
The latest report from Avison Young finds that the availability rate for those properties in that portion of the city dropped 280 basis points year-over-year to 8.2 percent in the fourth quarter That marks the lowest rate that Park Avenue has seen since 2018.
Leading the charge in driving down the availability are large deals in the space. This includes Blackstone leasing 696,000 square feet in the third quarter, JPMorganChase occupying 361,000 square feet during the same three-month period, and MetLife taking 385,000 square feet in the fourth quarter of 2023.
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