Midtown South's supply of 25k-plus SF office blocks has been depleted by high demand, especially from the creative sectors, which owns 3.2MF (or 5.1%) of the total Midtown South inventory.
Tenants looking for a single-floor presence have even fewer options, as only 37 floors on the market—13 of which are Class-A—offer 25k-plus SF.
JLL believes little vacancy and high prices for the foreseeable future may cause expanding tenants to relocate to other parts of Manhattan and Brooklyn.
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