Driven by low vacancy rates, Lower Manhattan office landlords have raised monthly rents by 4 percent since the year started, according to a report from commercial brokerage CBRE.
Of note, the influx of technology companies into the area has played a key role in the rising rents citywide. Not surprisingly, the Midtown South office market — a veritable tech haven — boasts the lowest vacancies in the city, around 6 percent. Asking rents are $63 per square on average in the neighborhood, a 5 percent increase year-over-year. Meanwhile, Midtown asking rents rose by 7 percent to $74.27 per square foot. [more]