New Space Availability Monday

Optimism abounds here at MidtownSouthDaily.com, and for good reason. The birds were chirping outside my window this weekend as temperatures made it into the 40s. Pitchers and catchers have reported to spring training, with opening day less than 6 weeks away. And Midtown South is continuing to show many signs, week after week after week, of a market in true recovery mode.

For the week ending February 17th, Midtown South recorded approximately 83,500 RSF of new space availabilities. So for the second straight week, we have been well below 100,000 RSF of new inventory, which will make for very strong February numbers if leasing can hold up its end of the bargain. A few large leasing deals have been announced so far this month, but velocity seems a bit low overall for February. We shall see.

Regarding the sublet market, we have moved past the statistical strangeness of last week, which saw subleases account for an unbelievably high 81% of new listings. Totals for this week have gone in the complete opposite direction - sublease space accounted for just 6% (approximately 5,000 RSF) of the new inventory. As much as I hate to write off last week's sublease spike as simply a fluke, that is exactly what I am going to do for now.

Total rentable square footage put on the market – 83,427 RSF
Percentage of direct space – 94% (78,402 RSF)
Percentage of sublease space – 6% (5,025 RSF)

New Space Availabilities:

Fifth Avenue in the Flatiron area - 3,500 RSF with exposed slab ceiling, great natural light and views, several private offices with glass sidelights, pantry and restroom in suite, $45.00 PRSF asking rent, direct lease for 2-5 years.

Fifth Avenue in the teens - 6,000 RSF full floor, possession in June 2010. Built out with a mix of perimeter offices, conference rooms and interior workstations. The floor has 18 new, large windows and a new installed, tenant controlled air conditioning unit.

Fifth Avenue in the teens - Partial floor of 4,025 RSF, sublease through September 2011. Spectacular existing installation with beautiful light and views. Furniture may be available and a direct extension is possible. Possession in June 2010.

Broadway in Soho – 4,400 RSF full floor of newly built office space, with 5 offices, 2 bathrooms, pantry and tenant controlled air conditioning. Immediate possession, $35.00 PRSF asking rent.

Broadway in Soho - Full floor of 6,980 RSF, available immediately, with hardwood floors and high ceilings with a tin finish. Mostly open space. Lobby and elevator cab renovation underway.

Hudson Square - 25,913 RSF partial floor, direct lease

Seventh Avenue in the high 20s - New pre-built unit of 766 RSF with an open layout and south light.