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JLL: Value and High-End Office Tenants Drove Up Q3 Rents

NEW YORK CITY-“New York's office market is performing well at the edges,” says Tristan Ashby, director of research for the firm's tri-state office here.

By Rayna Katz | Updated on October 03, 2013

NEW YORK CITY-A mix of tenants seeking value-priced product and those looking for high-end office space helped drive New York’s average asking rental rates up and vacancy rates down in the third quarter of 2013, according to a new report from Jones Lang LaSalle.

In Midtown, Class A space—where average asking rents have remained in the mid-$70s per square foot for most of the year—represents the weakest segment of the submarket. By contrast, nearly 40% of Midtown leasing this year has been in office product posting asking rents of less than $60 per square foot. But there has been almost as much activity at the top end of the market, with nearly 30% of deal volume coming from trophy spaces posting asking rents above $80 per square foot.

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