Straight Office Talk
The top question that our team is asked on a monthly basis revolves around one point:
"Is this a good deal?"
Whether it's a renewal notice from a current Landlord or in reference to a potential relocation, our answer is generally the same:
"... a good deal relative to what?"
There are many pockets in the Midtown office market, various subtleties from building to building, and countless companies with their own specific requirements. The market that each tenant encounters is ultimately a function of what it's always been: supply & demand.
For smaller/boutique, plug & play spaces in Midtown East, there is an incredible amount of demand with minimal supply. For larger enterprises seeking a new HQ, there is a deep supply of availability with limited competition.
So while it’s easy to paint a broad picture or adopt a singular narrative as to where the market stands today, the tenant/landlord leverage dynamic is one that is constantly evolving and certain to continue along that path.
That said, we've fortunately been our busiest since March 2020 and expect to see continued activity to close out the year, with a record number of office leases set to expire before the end of 2022.
Until next month,
Noah & Co.
For the rest of our July 2022 Newsletter, click here.