Bryant Park offices see higher rents and lower vacancies than rest of Midtown

New York /
Oct.October 03, 2012 11:00 AM

Office rents are rising near Bryant Park and that area is outperforming the rest of Midtown, a new report shows.

A Jones Lang LaSalle study found Bryant Park’s vacancy at just 3.8 percent in the second quarter of 2012 — a third of Midtown’s 11.5 vacancy rate. In that same period, rents around the park were $78.29 per square foot, compared to Manhattan’s $63.40 average rent per square-foot, the New York Times reported. Bryant Park stands in particular contrast to The Traditionally Strong Plaza district, which has been seeing high vacancy rates. The construction of One Bryant Park and a handful of high-rise upgrades and renovations have contributed to the trend. “Bryant Park is now established as a hub of top-priced office space, and the park itself is the nucleus of this submarket,” Mary Ann Tighe, chief executive of commercial brokerage CBRE, told the Times.

The tower at 475 Fifth Avenue soon see an overhaul and construction on a new 28-story office building, and construction at 7 Bryant Park, is slated to begin later this year. [NYT] — Jane C. Timm


Related Articles

arrow_forward_ios
270 W Montauk Hwy, Hampton Bays, NY (Loopnet)
Legendary Hampton Bays bar up for sale
Legendary Hampton Bays bar up for sale
Prologis Chairman and CEO Hamid Moghadam (Getty, Prologis)
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Industrial space “effectively sold out” amid leasing frenzy, Prologis says
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Starwood raises $10B for distressed real estate plays
Aulder Capital CEO Jonah Bamberger and 162-164 East 82nd Street (Rosewood Realty Group, Slate Property Group)
Two Upper East Side apartment buildings head to foreclosure sale
Two Upper East Side apartment buildings head to foreclosure sale
Stripes founder Ken Fox and a rendering of 40 10th Avenue (Stripes, Neoscape)
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Private equity firm carves out 14K sf at Aurora’s Solar Carve building
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
Resurrection! Work resumes on stalled Clinton Hill residential project
CRE held up through the pandemic far better than most expected (iStock)
How commercial real estate survived the pandemic
How commercial real estate survived the pandemic
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
Harbor Group grabs $558M in financing for Black Rock purchase
arrow_forward_ios

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

Loading...