Office leases on higher floors have outperformed other leasing activity since COVID, and in some cases have yielded greater effective rents, CompStak said in a recent report.
CompStak's analysis of office leases signed from 2018 to the first quarter of 2024 in four major U.S. office markets – Manhattan, San Francisco, Los Angeles, and Chicago – found a preference for higher floors, underscoring the often-mentioned post-COVID flight-to-quality trend.
The commercial real estate data platform also found that the legal and financial sectors were the predominant players in high-rise leases, paying the highest rents across all four markets.
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