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Midtown South Office Market Report 3Q 2020

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Midtown South leasing activity doubled, quarter-over-quarter.  However, the available inventory increased with negative absorption while the asking rent average decreased since 2Q 2020.

YTD Leasing Volume Fell by Nearly Two-Thirds

 

Quarter-over-quarter, leasing volume in Midtown South more than doubled to 1.31 million square feet.  More than one-half of Midtown South’s activity was driven by Facebook’s 730,000 SF new lease at 390 Ninth Avenue (The Farley Building).  Yet, year-over-year leasing activity decreased by 71.2% compared to 4.56 million square feet leased in 3Q 2019.  Likewise, leasing volume during the first three quarters of 2020 (4.12 million square feet) was 64.5% below leasing volume during the same period last year (11.58 million square feet).


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Midtown South Office Market Report 3Q 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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