New York slow and steady rent growth during current cycle
February 18, 2019
- Overall Manhattan rents have increased for 8 consecutive years – the longest such period on record. Rents have grown at an average annual rate of 4.6 percent during this period, compared to 10.8 percent between 2003-2008 and 22.0 percent between 1997-2000.
- Steady rent appreciation has been accompanied by strong employment growth. Manhattan has added 114,000 office-using jobs since the previous peak, growing in each of the past 10 years and pushing vacancy to its lowest level since 2007.
- Midtown South has catalyzed rent growth during the past two years, growing 31.1 percent in aggregate since 2016.
Source: JLL Research