The Q1 2021 Quarterly Report provides an economic snapshot of the district from January through March 2021.
This quarter, Flatiron and NoMad’s commercial office leasing increased 63% compared to Q4, leading the Midtown South market. Sublet office space, however, continues to increase, but has leveled at roughly 25% of the total available space.
Ground floor retail leasing increased with deals completed in prime locations near Madison Square Park, the Flatiron Building, and along the 23rd Street corridor. New anchor tenants and retail experiences including The FRIENDS Experience (130 East 23rd Street) and the soon-to-open Harry Potter New York (935 Broadway) are drawing attention to available spaces nearby.