The Midtown South submarket is flush with rising rents and new creative and tech companies moving in, and top real estate professionals at Commercial Observers’ panel event “The Evolution of Midtown South” on Oct. 29, predicted the trend will continue.
New construction hitting the market, such as Romanoff Equities and Property Group Partners’ 860 Washington Street, are part of the reason behind the uptick in rents. Average rates in Midtown South are more than $71 per square foot for office space, according to a recent Savills Studley report. And panelist David Falk, president of Newmark Grubb Knight Frank, pointed out during the event that new construction in the area is asking $150 per square foot...Midtown South Showing No Signs of Slowing
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National Office Sector Report (Q2 2015)