Manhattan Midtown South Market Reports

Manhattan Midtown South Office Market

Leasing activity totaled 555,000 square feet, a 55.4% improvement from the second quarter, but still 72.3% below the long-term average. This total was bolstered by a pair of 100,000-square-foot renewals. The NYC Human Resources Administration government signed a short-term renewal at 260 Eleventh Avenue and law firm Quinn Emanuel signed a three-year renewal at 51 Madison Avenue. The city’s renewal at the Otis Elevator Building appears to have put Vornado’s redevelopment plans on hold for the time being. There is still 6.1 million square feet of space in the construction pipeline for Midtown South across 24 buildings, including 550 Washington Street and 341 Ninth Avenue, where Google and Dentsu have already pre-leased space.