Diversified leasing has driven fundamentals during current market run-up
The emergence of non-traditional industries in Manhattan has promoted healthy economic growth during the current cycle.
April 09, 2019
- The emergence of non-traditional industries in Manhattan has promoted healthy economic growth during the current cycle.
- Tech companies and flexible space providers have accounted for 20 percent of overall leasing since 2015, compared to just 4 percent during the previous peak, while healthcare and business services firms have also increased New York City presences.
- Despite accounting for a smaller proportion of leasing, average starting rents for financial and legal services companies are $84.60 per-square-foot since 2015 – the highest among all industries. Tech companies command the second highest rents, paying $77.30 per-square-foot on average.
Source: JLL Research