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JLL: Midtown Office Dominated Q4 2015

NEW YORK CITY—The submarket bested Manhattan's other two office communities, even with a dip in large block transactions, new research shows.

By Rayna Katz | Updated on January 25, 2016

NEW YORK CITY—Midtown leasing activity outperformed the rest of the New York office market in 2015—claiming nine of the top 10 leases—despite recording fewer large-block transactions year-over-year, according to JLL. There were 27 leases of 100,000 square feet or greater in Midtown last year, compared to 33 in 2014.

“The Midtown Trophy Index, a group of many of New York’s most exclusive office buildings, has outperformed the rest of the submarket,” says Tristan Ashby, VP and director of New York research. “Average asking rents for Midtown trophy properties increased 6.5% in 2015 to $99.43 per square foot. Since the market bottom in 2010, Midtown trophy asking rents have recorded some of the highest growth rates in Manhattan at 38.9%.”

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