Midtown asking rents rise $2 per foot: CBRE

TRD New York /
Mar.March 09, 2011 06:04 PM

Asking rents in Midtown saw their largest gain in nearly three years last month when they jumped by more than $2 per square foot from a month prior, a monthly report from commercial services firm CB Richard Ellis shows.

The price landlords ask from tenants rose by $2.15 per square foot to $57.97 per foot in February from January, the biggest month-over-month bump since June 2007, when rents rose $2.86 per foot. At that time, rents were just shy of $80 per square foot, CBRE figures reveal.

The increase was spurred by owners in neighborhoods such as Park Avenue north of Grand Central Terminal And The Plaza District repricing space already on the market, the report says.

The increase in asking rents was part of a gradual improvement the market has seen over the past year.

For Manhattan overall, asking rents rose by $1.30 per foot to $49.61 per square foot in February from a month prior, CBRE figures show. Leasing activity declined in February by 25 percent to 1.8 million square feet, but was higher than the same month last year, when 1.5 million square feet was leased. TRD


Related Articles

arrow_forward_ios
(Getty)

Manhattan retail asking rents fall to nine-year low

Manhattan retail asking rents fall to nine-year low
MetLife Building and Matt Van Buren, CBRE’s tri-state president (Getty, CBRE)

CBRE closes 2 offices, expands presence at MetLife HQ

CBRE closes 2 offices, expands presence at MetLife HQ
Clockwise:  CBRE's Michael Remer, Richard Hodos and Joel Stephen with the Wizarding World Building at 935 Broadway (Images via CBRE)

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal

CBRE’s Hodos and other Muggles win REBNY award for Harry Potter deal
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Real estate firms lead cautious return to NYC offices

Real estate firms lead cautious return to NYC offices
Hana CEO Andrew Kupiec, The Real Deal's Hiten Samtani and Hana's EVP of Occupier Solutions Georgia Collins

The REInterview: How flex space could upend supply-demand dynamics in the office market

The REInterview: How flex space could upend supply-demand dynamics in the office market
Matthew James (Credit: ABC)

First black “Bachelor” for ABC comes from real estate world

First black “Bachelor” for ABC comes from real estate world
“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space

“We’re not in the business of land-grabbing:” Hana CEO on the future of flex space
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...