“Third Avenue is a microcosm of the Manhattan market”
In New York’s office market, a couple of blocks can make all the difference between thriving and surviving — or not surviving.
Such is the case on Third Avenue, where availability is over 20 percent. A few blocks away, on Sixth and Park avenues, average availability is 11 to 12 percent, just a point or two away from a healthy equilibrium.
Third Avenue office owners are trying everything to keep their properties afloat. Some have turned to expensive renovations to entice tenants, while others have looked to residential conversions. A couple have pivoted to niche markets, such as health care. Others have maintained healthy occupancy by embracing the role of “value play,” and offering more affordable rents than those on Sixth or Park.
These landlords are fighting to avoid another fate: default, foreclosure, or handing a building to the lender...
Such is the case on Third Avenue, where availability is over 20 percent. A few blocks away, on Sixth and Park avenues, average availability is 11 to 12 percent, just a point or two away from a healthy equilibrium.
Third Avenue office owners are trying everything to keep their properties afloat. Some have turned to expensive renovations to entice tenants, while others have looked to residential conversions. A couple have pivoted to niche markets, such as health care. Others have maintained healthy occupancy by embracing the role of “value play,” and offering more affordable rents than those on Sixth or Park.
These landlords are fighting to avoid another fate: default, foreclosure, or handing a building to the lender...
RSK: A very interesting synopsis of what is going on in NYC...the city with the most sq. ft. of office vacancy.
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- - Volume: 24 - WEEK: 12 Date: 3/19/2024 3:50:54 PM -