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Top-tier leases fall in number but rise in size as large tenants pay premium for new construction

  • Top-tier leases, defined as those with starting rents $100 & greater, have typically been confined to hedge funds and other high-end financial tenants in a handful of Plaza District buildings.
  • The average size for top-tier leases since 2007 has been 20,622 square feet, but the median much lower at 9,813 square feet.
  • For the last two years both the average and median for top-tier lease have grown as tenants have opted to pay a premium for new construction on Manhattan’s West Side and Midtown South.

Source: JLL Research

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