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Avison Young: Office Rents Soaring

NEW YORK CITY—Record-breaking activity around Manhattan already in 2014 has pushed up average asking rents and has the year poised to fare even better than 2013, says a new report.

By Rayna Katz | Updated on April 11, 2014

NEW YORK CITY—If the first quarter is a harbinger of what’s to come in Manhattan office leasing for the remainder of the year, 2014 is on pace to exceed 2013′s record activity, according to a new report on the first quarter from Avison Young.

High demand for class A office space has boosted rents by an average of $5 per square foot across the borough, with the most notable rent spike having taken place in the Plaza District. And Avison Young’s analysis shows healthy growth consistent with the recovering job market, as 18 deals were inked during the first quarter with starting rents in excess of $100 per square foot,  compared with only 13 such deals during the same period a year ago. As demand continues to swell for class A Midtown space the trend will continue, Avison Young reports.

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