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New developments in Midtown South can help alleviate supply constraints

  • ​Midtown South is set to deliver 2.8 million square feet of space through 2021—a welcome uptick of supply in a market that has seen some large-scale tenants relocate due to lack of available space. The market currently offers just two existing, directly available blocks of space greater than 100,000 square feet.
  • The future supply pipeline represents just 4.3 percent of existing inventory in a market with 5.7 percent direct vacancy. This suggests that, despite new developments bringing large block availabilities online, the market may continue to be constrained by supply.
  • The recently announced Essex Crossing project is expected to deliver more than 300,000 square feet to SoHo—Manhattan’s smallest office submarket—by 2021. The development marks the first significant block of office space in the Lower East Side and could spur further construction in non-traditional office districts.​

Source: JLL Research

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