January 28, 2020
Manhattan’s “$100+ Club”—office leases priced at $100 or more per square foot—reached all-time record volume of 8.8 million square feet in 2019, according to JLL’s Cynthia Wasserberger in the firm’s annual Hedge Fund report.
However, despite the report’s longstanding name, hedge funds and other financial tenants didn’t figure in the majority of $100+leases last year, wrote vice chairman Wasserberger and associate Carlee Palmer. Sixty percent of 2019’s $100+deals involved TAMI tenants.
Transactions in Hudson Yards and the Far West Side comprised 49% of the total, with more than 4.3 million square feet of leasing. Nearly three-quarters of the total occurred in new construction, such as the Hudson Yards towers, and in redevelopments.
Last year (2019) saw 145 transactions at $100+ starting rents, the report states. That exceeds the 102 top-dollar transactions signed in 2017 and the 131 completed in 2018. Furthermore, it surpasses the prior 138-deal peak achieved in 2015.
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