Bloomberg LP's decision to sign a 1 million square-foot lease expansion at SL Green's 919 Third Ave. is a strong indication of confidence in the Midtown office market, defying trends of downsizing in favor of remote work.
The surprising nature of the lease deal speaks volumes about Bloomberg’s strategy and their belief in the necessity of large office spaces for fostering collaboration and productivity, rejecting the notion that 'work from home' means smaller footprints.
Despite a challenging market with over 20% vacancy on Third Avenue, 919 Third's strong leasing history, with 92.1% occupancy, showcases the resilience of this particular building against broader market trends.
SL Green's success in signing nearly 2.8 million square feet of Manhattan leases this year, along with Bloomberg's renewal, illustrates a continuing demand for premium office space despite overall declines in occupancy rates across the city.
Collection
[
|
...
]