Snapshots

The highest echelon of Midtown Manhattan’s office market is dominated by new-construction product

The proportionate share of Midtown’s new, ground-up construction office leasing in the $100+ per square foot rent tranche has grown since 2014.

March 19, 2019
  • The proportionate share of Midtown’s new, ground-up construction office leasing in the $100+ per square foot rent tranche has grown since 2014 to 64 percent at year-end 2018.
  • This indicates that quality and efficiency of new-construction buildings are increasingly popular amongst price-insensitive tenants who are willing to pay a premium; this is a trend that is predicted to persist this cycle.
  • Buildings that contributed to the new-construction leasing include existing product like 60 Columbus Circle, and under-construction product like Hudson Yards/ Manhattan West properties and Grand Central’s One Vanderbilt.

    Source: JLL Research

 

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