WANT A SUBLEASE? SKIP MIDTOWN SOUTH
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|Midtown and Midtown South have traded places. Midtown South is now king of the hill (sing it: top of the heap...). In its strongest parts, like Park Avenue South and the Flatiron District, only 15% of the already-tiny pool of availabilities are sublease—a sure sign of a solid market.|
|Murray Hill Properties brokerage prez David Greene, whom we snapped in the firm's 277 Park Ave office, tells us that on Fifth Avenue in the Flatiron, only 14 spaces in the 2,000 to 10k SF range are available—and only one is a sublease. And on Park from 16th to 23rd, a miniscule three of 17 available spots that size are sublease. He adds that fewer than 1M SF of Class-A office space will come online in Midtown next year. With the global economy a concern, some firms are making sublet space available, but it's not like the flood after Lehman fell.|
|David tells us Murray Hill founder Norm Sturner is a big apple collector, hence that pin on David's lapel and, well, this display in their office (and it's not the only one). Another sign of a stable Midtown South market? David says Murray Hill's leasing activity—|
both on the tenant rep side and on the 6M SF it owns and/or manages—is up 75% year over year.