It’s no secret that some Midtown office corridors are doing better than others. Even so, a new Savills survey contains a remarkable finding:
Park Avenue’s current availability rate of 8.9% not only compares favorably to Midtown’s overall 17.6%, but with Park Avenue vacancies in the prehistoric, pre-pandemic fourth quarter of 2019 — when it was 11%.
Park Avenue’s fortunes were bolstered by recent large deals we reported first, such as for Stonepeak Partners’ new lease at SL Green’s 245 Park , PJT Partners’ expansion at SLG’s 280 Park, and Sumitomo Corporation’s new lease at the Stahl Organization’s 277 Park .
Brooklyn Fare Kitchen & Market opens largest location on Lower East Side
Savills defines “midtown” as bounded by 61st Street on the north, and by 34th Street on the East Side and by 30th Street on the West Side. So its data might differ from the findings of other brokerages which consider Midtown to begin at 42nd Street.