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Cost savings remain a top concern for many tenants on the ground, so under-$50/SF bargains are attracting a high level of interest, says Studley in its newly released Q2 report. Although these spaces can be rough around the edges-less convenient, outdated, or with minimal amenities-they're still leasing.
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Over the past several months, tenants have been harvesting the choicest options from a wide array of spaces available, taking gem space and bigger blocks, leaving behind a hodgepodge of varying-quality spaces, the report notes. Quality and quantity of leasing continued to accelerate, and NYC's overall deal volume last quarter exceeded 9M SF, the first time since Q1 '05. Even though there's a flight to quality, many firms are still opting for savings versus prominence-Studley points to Deloitte's decision to renew at Four World Financial Center, reportedly with rents in the $40s/SF. Overall, supply fell by 2M SF in Midtown, offsetting an increase of 500k SF Downtown and lowering the overall availability rate for the second quarter in a row.
Related Topics: Four World Financial Center