New Space Availability Monday

Landlords did some spring cleaning during the first week of March, with nearly 40 new spaces coming onto the market.

With such volume, you might expect the square footage totals for the week to be through the roof. But as 50 percent of the new spaces are 2,500 RSF or less, the market avoided digging itself a major hole to start the month. That being said, 150,000+ RSF of space additions for a week is nothing to sneeze at, and I am already anticipating March to be another month in which availability will rise slightly in Midtown South.

The good news is that for tenants in the market for space in 2010, some appealing options continue to become available. Despite the costs and inconveniences associated with making a move, tenants looking for a space upgrade at reasonable rental rates have to think seriously about relocation at this time.

Total rentable square footage put on the market – 151,404 RSF
Percentage of direct space – 89.4% (135,418 RSF)
Percentage of sublease space – 10.6% (15,986 RSF)

New Space Availabilities:

Meatpacking District - Two spaces of 5,891 and 1,392 RSF in a fully renovated office building. The spaces feature abundant windows and light. Close proximity to A/C/E subway. $52.00 PRSF asking rent, direct lease for 5 years.

West 20th Street, off of Fifth Avenue - 8,200 RSF partial floor, possession in 30 days. Sublet through June 2012.

Broadway in Soho - Partial floors of 5,000 RSF each, immediate possession, direct lease for 5 years. $39.00 PRSF asking rent.

Eighth Avenue in the 20s – 10,800 RSF full floor with possession in June 2010. Exceptionally bright unit with oversized windows. Landlord to provide new building standard office installation. $35.00 PRSF asking rent.

Park Avenue South in the teens - Three full floors of 7,000 RSF each, available in May 2010. $36.00 PRSF asking rent.

Park Avenue South in the 20s - Two contiguous full floors of 9,000 RSF each, with a rcent installation. Possession in December 2010. $36.00 PRSF asking rent.

Seventh Avenue in the 20s - Partial floor of 11,000 RSF. Landlord to build the space for tenant. $29.00 PRSF asking rent.