Q3 Economic Report: Flatiron leads Midtown South Office Leasing & Increased Foot Traffic Boosts Retail & Fast-Casual
Flatiron and NoMad leasing volume remained high for the third consecutive quarter with 75 leases totaling 845,000 SF – a 73.5% increase from Q3 2021 and nearly three times Q3 2019 levels. Franklin Templeton signed a 15-year, 347,000 SF lease at One Madison Avenue, the second largest lease in NYC this year.
Return-to-office rates in Flatiron and NoMad continue to increase and have surpassed citywide trends. As foot traffic and subway ridership increase within the neighborhood, ground floor leasing has followed suit. In Q3 alone, 60 ground floor retail establishments have opened, with many in the fast-casual sector.
The Q3 2022 Economic Snapshot provides an economic snapshot of the district from July through September 2022.