Downtown commercial real estate in greater demand than traditional Midtown

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cropped-Manhattan-from-Governors-Island.jpgJuly 2, 2014- Crain’s reports, “”The epicenter of Manhattan is moving west, south and downtown,” said Bruce Mosler, Cushman’s chairman of global brokerage, noting that TAMI tenants are driving the shift in demand. As a sign of that move Mr. Mosler noted that rents are rising faster these days outside of midtown as well.

Others noted that even some long-term midtown stalwarts are looking elsewhere for office space these days.

“It used to be that if you were on Park Avenue you wanted to stay there, but that is not the necessarily the case anymore,” said Gus Field, a Cushman broker. “Now they will look at midtown south, downtown or even Brooklyn.””

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