Manhattan’s Park Avenue availability rate hits lowest value since 2018

The overall availability rate for Park Avenue buildings dropped to 8.2% in Q4 2024, down 280-basis points from Q4 2023 and the lowest value since 2018. Since reaching a peak in Q2 2021, the availability rate has steadily decreased as the buildings in this area have seen increased leasing activity.

Not only has there been increased leasing activity along Park Avenue, but there has also been an influx of large leases being signed that has helped lower the availability rate. For example, Blackstone signed for 696k sf at 345 Park Avenue (Q3 2024), MetLife signed for 385k sf at 200 Park Avenue (Q4 2023), and JPMorganChase signed for 361k sf at 277 Park Avenue (Q3 2024).

It’s no surprise that the Park Avenue availability rate has been decreasing, as tenants have been flocking to the Central Park, Grand Central and Midtown Core submarkets of which it spans. This is also a positive sign for the rest of the market because less availability here means tenants will have to find their space elsewhere in the city.

February 25, 2025

US-NY-NYC New York