...While the Cushman & Wakefield team took a chance on a new area, such moves are becoming more amenable to technology tenants in Manhattan. According to a Studley report, more technology tenants are moving from Midtown South to neighboring submarkets that even include Downtown Manhattan, where large Class A properties have lost some financial services tenants and have been repositioning to attract a more technology-oriented and creative crowd.
“As Midtown South fills up, the Midtown and Downtown submarkets may become more of a value proposition, as well,” said Studley chief economist Heidi Learner . “Many tenants who have either leased or subleased space in Midtown South over the last several years will be surprised to see how much rents have jumped when it comes time to renew.”Remapping Silicon Alley
Related StoriesDC Office Comeback?
New Jersey about to reshape the way it courts businesses