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Midtown Office Market Report 2Q 2020

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Midtown’s quarterly leasing volume decreased.  Meanwhile, asking rents increased slightly despite more supply and negative absorption.

 

Midtown Lowest Quarterly Leasing Since 2009

Midtown’s quarterly leasing volume decreased by 36.6% since 1Q 2020 to 1.88 million square feet, Midtown’s lowest quarterly leasing total since 2Q 2009.  Additionally, leasing volume decreased by 52.1%, year-over-year.  Leasing volume during 1H 2020 (4.85 million square feet) was 41.0% below the 8.21 million square feet leased in 1H 2019.  The Times Square submarket led leasing activity in Manhattan, at 0.82 million square feet, led by TikTok’s 232,000 SF new lease at 151 West 42nd Street and Allen & Overy’s 143,000 SF renewal at 1221 Avenue of the Americas.  Times Square and Midtown South’s Hudson Square (0.09 million square feet) were the only two Manhattan submarkets with an increase in leasing volume since 1Q 2020.


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Midtown Office Market Report 2Q 2020

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Franklin Wallach

Executive Managing Director

New York

Franklin Wallach is an Executive Managing Director, Research & Business Development at Colliers.  Franklin's role includes a focus on quarterly and monthly trends within the Manhattan and Brooklyn office markets while using multiple databases and maintaining contacts within the industry in order to provide in-depth market analysis to brokers and clients.

Franklin reports on the office market on a monthly and quarterly basis through analytical reports as well as presentations to tenants, landlords and the press. Data analyzed by Franklin includes: average asking rents, availability rates, concessions, absorption, tenants in the market, leasing activity, construction and future tenant demand. Franklin has been quoted by numerous periodicals including The Wall Street Journal and The New York Times.

Franklin’s expertise in synthesizing data into important, poignant and understandable observations has led him to be a key ingredient on a number of wins over the years. He has also parlayed this skill into offering strategic advisory on existing assignments as well as creative planning for business development pursuits and opportunities. Franklin's business development role enables him to formally assist the Colliers' brokerage practice in the pursuit, development and execution of new business.
 

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