August 22, 2016
Park Avenue has for decades been the office district of choice for many of the city's high-profile–and high-rent–corporations. But a recent Crain's article points to impending departures–such as the decision of investment firm Black Rock to decamp for new space in Hudson Yards or the World Trade Center, raising the question of whether the avenue's biggest office zone, from East 45th to East 59th streets, is falling out of favor with big-ticket business tenants.
The city's office market is, without a doubt, changing. Industries like tech are growing and the financial industry is consolidating and in some cases downsizing its office space. The neighborhood, which charges the city's highest average rents, has been slow to catch up with the needs of new office tenants.
People moving out, people moving in