Midtown South Office Rents Nip at Midtown’s Heels

NEW YORK CITY-Call it the “Google effect.” As burgeoning industries continue to flock to Chelsea, the Flatiron District and Hudson Square to establish their Manhattan footprint, new research from CBRE shows that creative and technology firms are the key drivers pumping up demand below 30^th Street.

Mary Ann Tighe, CEO of the New York Tri-State Region at CBRE, said Midtown South has evolved into a “culture choice” for tenants instead of just price. “Midtown South was always supposed to be a cheaper alternative to Midtown, and that’s totally changed,” Tighe said, during the firm’s fourth quarter media briefing on Wednesday morning. “It used to be about less expensive rents, but it’s all very different now.”