Report | New York Office Insight - Q1 2016
Despite some landlords reducing rents in Midtown amid rising vacancies, overall rent prices in the submarket rose in Q1. Quarterly demand for Class B space was also especially strong.
Renewals so far in 2016 have accounted for more than half of the top 20 leases across Manhattan. During the same period last year, renewals made up only five of the top 20. McGraw Hill Financial’s more than 900,000 square foot deal was Q1’s biggest lease.
Tech, advertising and media sectors continue to be strong in Midtown South. They accounted for 85.0 percent of first quarter activity. These type of tenants continue to use the submarket’s creative reputation to their advantage despite record high rental rates.
Learn more about what’s happening right now in New York—and what we can expect over the next couple months—by downloading our Q1 2016 US Office Insight.
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