By: Don Driggers
Average Midtown asking rents climbed 2% over the previous quarter. Midtown South leasing volume was up for the third straight quarter. Downtown’s quarterly absorption was positive for the first time since the third quarter of 2019, NY Post reported.
Meanwhile, Placer.ai, a site that tracks office building foot traffic, reports a huge 107% increase in foot traffic to Manhattan office buildings in February over the same month in 2021. But the traffic was still 46.7% under January 2019, just before the pandemic struck.
“The city is springing back to life as of the beginning of April, but it’s been slow going,” the site said.
The New York Post reports, one of the year’s largest new subleases, Phaidon International is taking 71,239 square feet at SL Green’s 711 Third Ave. The global specialist recruitment agency will move from 622 Third Ave., where the firm had only about half as much space.
Meanwhile, Placer.ai, a site that tracks office building foot traffic, reports a huge 107% increase in foot traffic to Manhattan office buildings in February over the same month in 2021. But the traffic was still 46.7% under January 2019, just before the pandemic struck.
“The city is springing back to life as of the beginning of April, but it’s been slow going,” the site said.
In one of the year’s largest new subleases, Phaidon International is taking 71,239 square feet at SL Green’s 711 Third Ave. The global specialist recruitment agency will move from 622 Third Ave., where the firm had only about half as much space. Cushman & Wakefield’s David Mainthow represented Phaidon. JLL repped the sublandlord, the Stagwell Group. Cushman & Wakefield’s David Mainthow represented Phaidon. JLL repped the sublandlord, the Stagwell Group.
Phaidon International, founded in 2004 in London, is the parent company of six specialist recruitment brands, exists to solve one of the top challenges faced by organizations and business leaders globally – attracting and securing talent. As a global recruitment firm, Phaidon International plays a vital role in helping our clients navigate this challenge, finding the talent that will allow them to drive their business forward in constantly changing and evolving markets.
Steve Cuozzo of The New York Post reports, “like the proverbial elephant examined by five blind men, the 460 million square-foot Manhattan office market lends itself to many different interpretations. There’s a statistic to support every perspective. A new report from CBRE cheerfully cites a near 100% rise in year-over-year leasing activity for the first quarter of 2022. The 5.68 million square feet of transactions were up 96% over the first quarter of 2021. Such large deals as IBM Inc. at 1 Madison Ave. (328,000 square feet), PDT Partners at 60 Columbus Circle (110,000 square feet) and Celonis at 1 World TradeCenter (75,000 square feet) suggest a major market rebound.”
