Midtown’s Secondary Corridors Absorb Office Demand as Prime Space Fills
Manhattan’s office leasing activity is shifting from prime corridors to secondary avenues like Third and Lexington due to low availability and high rents in trophy spaces. JLL data indicates Third Avenue is on track to surpass its entire 2025 leasing volume in 2026, driven by major tenant expansions and landlord upgrades. This trend reflects a broader market recovery where companies are broadening their search to find suitable space at different price points.