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Midtown South Office Market Report 2Q 2020

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Leasing activity was lower, quarter-over-quarter, as the available inventory increased with negative absorption.  The asking rent average decreased since 1Q 2020.

 

Lowest Quarterly Leasing Volume Since 2009

Quarter-over-quarter, leasing volume in Midtown South decreased by more than 70.0% to 0.64 million square feet, Midtown South’s lowest quarterly leasing volume since 1Q 2009.  Year-over-year leasing activity decreased by 86.6% compared to 4.80 million square feet leased in 2Q 2019.  Likewise, leasing volume during 1H 2020 (2.80 million square feet) was 60.1% below leasing volume during 1H 2019 (7.02 million square feet).

Mostly driven by new leases from Match Group at 60-74 Gansevoort Street (41,000 SF), Twitch Interactive at 315 Park Avenue South (35,000 SF) and Trustpilot at 5 Penn Plaza (29,000 SF), TAMI (technology, advertising, media and information services) sector tenants led Midtown South’s quarterly leasing with a 37% market share.  The entertainment/recreation sector followed at 16%, led by MSG’s 60,000 SF renewal at Penn 2.


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Midtown South 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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