New Space Availability Monday

Though we have a new year, we have the same old schedule here at MidtownSouthDaily.com. Which means it is New Space Availability Monday. As you might expect, the past week was the slowest of 2009 in terms of spaces being put on the market, but as market conditions remain weak, the slowdown was not as great as in recent years.

Total rentable square footage put on the market - 40,381 RSF
Percentage of direct space - 100.0% (40,381 RSF)
Percentage of sublease space - 0.0% (0 RSF)

If you are shocked to see no new sublease space, do not read anything into it. This was completely driven by being the final week of the year, and nothing else.

We typically provide details on some of the more noteworthy entries into the market each week, but because of the lack of exciting office options, we are instead going to focus on a couple of just-listed retail spaces. Unlike office brokers, retail brokers seem to have been working over the holidays, and there are some interesting availabilities to talk about.

675 Avenue of the Americas - 12,000 SF of ground floor space on the corner of 6th Avenue and 22nd Street, along with 32,000 SF on the lower level and 37,000 SF on the 2nd floor. A high profile space both for its prime location and its highly anticipated incoming neighbor - Trader Joe's.

15 Little West 12th Street - 28,000 SF on the ground, second and lower levels in a newly constructed building in the heart of the Meatpacking. This space will be on the radar of many brokers, retailers and real estate industry watchers to see tenant interest and rent levels achieved.