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Avenue of the Americas outperforms expectations, leading all Midtown core avenues in recent quarters

• Since Q1 2017, Avenue of the Americas has seen five straight quarters of positive absorption in the Class A segment, a total of 1.6 million square feet.  It has also seen Class A vacancy drop six quarters in a row, from 10.7 percent in the fourth quarter of 2016 to 6.5 percent in the first quarter of 2018. The corridor currently has the lowest vacancy rate when compared to the other major avenues (Fifth, Madison, Park, Lexington and Third avenues), whose rates range from 9.1 to 11.0 percent.

• The corridor has attracted several large tenants, particularly from the east side of Midtown. Most recently,
Latham & Watkins signed a 407,000-square-foot relocation from 885 Third Avenue. Blank Rome will also be relocating its offices from the Chrysler Building to 1271 Avenue of the Americas, taking 137,986 square feet.

• The recent success can be credited, at least partially, to landlords extensively renovating their properties. Examples include 1271, 1100, and 1114 Avenue of the Americas have all seen the benefits with recent leasing activity.

Source: JLL Research

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