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.