Midtown has Eclipsed Midtown South

The largest new lease of 2016 was about 418,000 square feet for Major League Baseball at 1271 A of A.

NEW YORK CITY—The results are in and Midtown has expanded its lead as the most in-demand office market in Manhattan, according to the Avenue of the Americas Association’s inaugural Avenue Report, based on an analysis of CoStar office leasing data conducted by the association and member company Rockefeller Group.

Last year 37 of 50 leases on CoStar’s Top Manhattan Office Leases list were located in Midtown—approximately three of every four deals—up 6% from 2015, when the submarket accounted for 35 of the top 50 leases.  Downtown and Midtown South each accounted for six of Manhattan’s largest leases in 2016, down from eight and six in 2015, respectively. One lease in each year was completed in Harlem, rounding out the top 50.