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Desirability and new developments have propelled the Meatpacking District to the top of the market

  • ​Minimal supply (0.1% Class A vacancy in 2011) and high demand have stimulated new developments in the Meatpacking District  – transforming the micromarket into one of the most desirable office districts in the country.

  • Six new developments – three complete and three impending – totaling 787,989 square feet headline Meatpacking’s new supply. Demand for new product has pushed average taking rents 68 percent above the Midtown South average after commanding just a 16 percent premium in 2014.

  • New construction projects have attracted a diverse tenant profile to the historically creative Midtown South market. Asset managers Baker Brothers Investments, Tikehau Capital, and RTW Investments have all signed leases in new developments, along with Argo Insurance Group and real estate consulting group Delos Living.​

Source: JLL Research​

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