Big office leasing deals returned to Fulton Market this year, but like the rest of downtown, the neighborhood may have a long way to go before it fully recovers. Developers and landlords across downtown were caught by surprise when Covid shuttered offices, but the timing was worse for those active in Fulton Market, which was in the midst of a building boom. Developers delivered more than 2M SF since the beginning of 2020, in a neighborhood that started that year with about 5.5M SF of total inventory. And with leasing efforts basically shut down, the vacancy rate for Class-A buildings in Fulton Market soared from less than 15% in Q1 2020 to more than 34% by May of this year, according to a May market beat report from MBRE. Read More....
Photo by Gensler
Photo by Gensler
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