Manhattan office leases fall in April – brokerage

Manhattan office leases fall in April – brokerage

Availability in Manhattan’s downtown jumped to a record 17.4%, with availability in all three markets: midtown, Midtown South and downtown – at an all-time peak. (Reporting by Gertrude Chavez-Dreyfuss; editing by Jonathan Oatis) The availability rate increased for the 11th consecutive month to a record high of 16.5% in April, data showed.

Source April’s largest lease transaction was the 109,000 square feet (10,126 square meters) leased by software company Schrödinger’s at 1540 Broadway, while March’s biggest lease volume was the 720,000 square feet lease renewal and expansion by private equity firm Blackstone Group Inc at 345 Park Avenue.

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