Snapshots

New York rents heavily correlated with subway access in commoditized office districts

A distinct positive correlation exists between a subway station’s daily ridership and average net effective rents.

January 15, 2019
  • A distinct positive correlation exists between a subway station’s daily ridership and average net effective rents within a 5-minute walk radius.
  • Districts with more unique office offerings achieve top-of-market rents despite lacking in transit access/subway ridership, implying there might be a cap in the extent to which ridership affects rental rates.
  • These outliers exist predominantly in Midtown South and the Plaza District, where we see more property-specific characteristics driving rental growth.

Source: JLL Research

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