June 9, 2017
Hedge funders still pay top dollar for Manhattan office space.
Asking rents have strengthened, with the high asking rent average at $144 per sq. ft., compared to $138 per sq. ft. six months ago, according to JLL’s latest Hedge Fund Activity Report. JLL tracks 25 trophy buildings in Midtown Manhattan that have a high concentration of hedge fund, investment management and boutique financial service tenants. One Columbus Circle is a new addition to the list of buildings in the index.
The high asking rent for direct space exceeds $100 per sq. ft. in all 25 buildings where top hedge funds have their offices, and reaches $200 per sq. ft. in three of the trophy assets. Landlords are continuing to give strong concessions to maintain these face rents.
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