Flatiron 23rd Street Partnership Releases Q1 2021 Quarterly Market Snapshot

The latest report released by the business improvement district (BID) reveals that commercial office leasing in the Flatiron and NoMad neighborhoods during the 1st quarter of 2021 delivered some big block signings, helping to increase leasing activity during the three-month period by 63 percent. However, despite some positive indicators, leasing volume is down 38 percent year-over-year; and the availability rate increased 1.7 percent quarter-over-quarter. In contrast, retail vacancy rates in the area have declined, partly attributed to increased foot traffic and the potential return of office employees on the near-term horizon encouraging many new tenants to ā€œsecure prime retail locations in the heart of the district.ā€

Source:    https://www.flatirondistrict.nyc/uploaded/files/Reports%20&%20Data/Quarterly%20Reports/2021/Q1%202021%20Final%20Draft.pdf