In the post-pandemic era, upscale buildings have surged in demand, now dominating Manhattan's landscape. According to the latest report from Avison Young, Class A and Trophy assets occupy a significant 295 million square feet, accounting for 57.7% of the city's total inventory in 2024.
Of that share, 32 million square feet of the properties recorded base rents that were at least $100, which accounts for 6.2 percent of the entire inventory. That breaks down to 22 million square feet of trophy and 10 million square feet of Class A space. In addition, those two property types made up 76.7 percent of the lease deals struck last year.
“Landlords of trophy and class A buildings are starting to reduce concession packages based on the markets continued flight to quality,” Danny Mangru, U.S. office lead of market intelligence for Avison Young, said in a statement.
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