The Real Deal New York

Manhattan’s high-end office market broke record in 2017

2.5M sf were leased at $100 psf or more
January 24, 2018 09:30AM

The GM Building at 767 Fifth Avenue

The high-end office market appears to be alive and well. A record 2.5 million square feet of Manhattan office space was leased at rents of $100 a square foot or more last year.

That’s 25 percent more than the previous peak in 2015, according to a new report by brokerage JLL cited by the New York Post. But the number of deals is down slightly. While more than 100 leases were signed at $100+ per square foot, that pales in comparison to the 138 signed in 2015.

Hedge funds private equity funds and other financial firms accounted for 65 percent of the city’s priciest leases in 2017.

Boston Properties’ GM Building at 767 Fifth Avenue notched the highest reported rent, leasing a 4,100 square-foot office to the Chinese e-commerce company JD.com. [NYP]Konrad Putzier