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**Meta Continues Search for Subletter at 50 Hudson Yards**
Meta is still on the hunt for a subtenant to take over approximately 290,000 square feet of office space at 50 Hudson Yards, according to the New York Business Journal. The tech giant has been actively marketing six floors of the 2.9 million-square-foot tower for sublease since April 2024.
Meta initially signed a lease in 2019 for 1.2 million square feet at 50 Hudson Yards, in addition to 265,000 square feet at 30 Hudson Yards and 57,000 square feet at 55 Hudson Yards. Since then, the company has taken steps to downsize its physical footprint at the Hudson Yards complex in an effort to cut operational costs. The leases at 30 and 55 Hudson Yards expired last year, with private equity firm KKR taking over the space at 30 Hudson Yards.
Currently, office space in the Hudson Yards submarket remains in high demand. As of the first quarter, direct availability stood at 4.8%, while sublet availability was at 3.8%, making for a combined availability rate of 8.6%. This figure is significantly lower than the average office availability rate in Midtown Manhattan, which currently sits at 16.1%.
Meta’s effort to find a subletter for its Hudson Yards office space reflects broader trends in the tech sector, where companies are reevaluating their real estate needs in response to shifting work models and economic pressures.
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