New large leasing activity in Midtown already surpassed 2014; renewals down significantly

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COW_New York_Aug_6_2015_New_large_leasing_activity

  • Large leasing activity (leases 100,000 square feet and greater) is up 40 percent in Midtown year-to-date to 21 leases from 15 at this time last year.
  • With four months left in the year, large new leasing activity has already surpassed all of 2014. Tenants are relocating for a variety of reasons: efficiency, lower rents,
    location, etc.
  • Large renewal leasing activity is down almost 70 percent from 2014 as more tenants are relocating year-to-date
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