The leasing of nearly 42,000 square feet by the State Bank of India at 425 Park Ave has brought the building to full occupancy, marking a notable achievement for developer L&L Holdings. This development is significant as it reflects the ongoing strength of the Midtown office market, particularly on Park Avenue, where rents have exceeded $200 per square foot. The overall Manhattan office leasing figures demonstrate a tremendous surge in activity, signaling a robust recovery in the commercial real estate sector despite concerns about the work-from-home trend.
"Park Avenue has been on fire for 24 months," said CBRE global brokerage chairman Stephen B. Siegel, highlighting the demand driving leases even as rents rise.
"Anything available gets leased even though rents are rising," Siegel observed, emphasizing the robust market for office space in Midtown.
Analysts have concerns about the 'work-from-home' trend, yet the Midtown market demonstrates strong leasing activity against this doubt.
Overall Manhattan office leasing skyrocketed in early 2024, achieving 5.13 million square feet leased, a 49% increase compared to the same time in 2023.
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