Class B rents rise markedly

Average rents for Class B space surged across Manhattan in the first quarter, greatly outpacing the appreciation of Class A space, according to a report by Jones Lang LaSalle. Average Midtown Class B space rent increased 11.7 percent, to $51.54 per square foot, and average rents on Class B space in Lower Manhattan increased 11.4 percent, to $40.10 per square foot. By contrast, average rents on Class A space increased 7.9 percent in Midtown and 3.9 percent in Lower Manhattan. more [Crain’s]