A third glowing report on fourth quarter office leasing in Manhattan has been issued. Activity hit a quarterly record of 12.7 million square feet, according to Studley, with Midtown hitting a new high since Q4 2010, with 6.4 million square feet leased...
The trend of Midtown companies taking advantage of Lower Manhattan’s price differential and strong incentives accelerated in the quarter. The GroupM agreement and the Jones Day lease point up Lower Manhattan’s resurgence and its appeal to tenants as an alternative to older building stock in Midtown’s core. Still, larger tenants who stayed put in Midtown at year’s end followed the lead of companies that headed South earlier in the year. Asking rents on several of the quarter’s biggest Class A leases in Midtown were well below $70 per square foot, Studley says.Studley: Q4 Manhattan Office Leasing Hits New Highs
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