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New York

Class B rents continue upward march

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Rents on Class B properties in Manhattan rose at a quicker pace in the second quarter than rents on Class A properties, according to a report from Jones Lang LaSalle, continuing a trend that began in the first quarter of this year. Average rents in Manhattan’s Class B buildings went up 12 percent, hitting $51.96 a square foot, while Class A rents rose a more modest 7.8 percent, to $79.65. Midtown South, where Class B rents rose 14.4 percent, posted the biggest average increase of any submarket in the second quarter. TRD