April 17, 2019 Comments Off on Manhattan Office Rents Reach New Highs Views: 1131 New York News, Top New York

Manhattan Office Rents Reach New Highs

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Manhattan office rents reached a new high in the first quarter, averaging more than $80 per square foot, says Avison Young. The 3.5% year-over-year uptick in rents, driven by new development and renovated product, occurred even as leasing volume softened by 2% from year-ago levels.

“In Midtown South, average asking rents for Class A product rose to $100.40, reflecting that much of the new development, such as 412 W. 15th St. and 40 Tenth Ave., is priced in the triple-digits,” said Mitti Liebersohn, president and managing director, NYC operations. “Class A asking rents in Midtown rose to a record high of $92.33, nearly a 6% Y-O-Y increase, as new buildings in Hudson Yards and renovated product along Avenue of the Americas came to market at higher rents.”

Conversely, the Downtown submarket, where Q1 leasing was strongest, saw a 4% decline in Class A asking rents to $63.78 per square foot.

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