NEW YORK CITY—After a slower leasing pace in 2016, leasing activity picked up notably in the first few weeks of 2017, according to JLL's latest hedge fund report.
Midtown Class A average asking rents increased just 1% year-over-year to $81.37 per square foot, compared to at least 3% annual growth between 2013 and 2016. Comparatively, the average Midtown trophy asking rent is currently $99.53, down from $101.13 per square foot in Q1 2016.
Along with slowed growth in Midtown Class A asking rents, the Midtown Class A vacancy rate remains flat at 11.1%. The impact of increasing vacancy rates on asking rents was most notable in the top-tier buildings, with Midtown trophy asking rents decreasing 1.5% year-over-year and the vacancy rate increasing from 7.7% to 8.9%.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
