Asking rents for Midtown South office space skyrocket during Q3

Average asking rents hit $83.14 per square foot, the 11th consecutive quarter of growth

New York /
Oct.October 12, 2018 10:30 AM

Midtown South (Credit: Wikipedia)

Midtown South is proving to be a very popular neighborhood for office space.

Average asking rents for offices in the neighborhood hit $83.14 per square foot during the third quarter, according to the Wall Street Journal, citing data from JLL.  This was the 11th consecutive quarter of growth and its highest point since 1995.

Owners of trophy towers in the neighborhood are also fetching a solid premium, with average asking rents hitting $94.61 per square foot, compared to $83.38 per square foot in Midtown.

JLL defines Midtown South as stretching from Canal Street to 30th Street, and its vacancy rate dropped to 5.4 percent during the third quarter, good enough for the country’s tightest central business district. It is attracting a wide range of tenants, ranging from advertising and media firms to insurance and financial services companies.

Roughly 741,000 square feet of office space should be completed in the fourth quarter, so the area should soon have a bit more supply. [WSJ]  – Eddie Small


Related Articles

arrow_forward_ios
Southampton Town supervisor Jay Schneiderman (jayschneiderman.com, Google Maps)
Southampton Town considers buying 40 acres
Southampton Town considers buying 40 acres
Alan Feldman, chief executive officer, president & chairman of the board, Resource REIT; Stephen Schwarzman, chairman, ceo & co-founder, Blackstone (Resource REIT, Getty Images, 1000 Spalding Apartment Homes)
Blackstone to pay $3.7B for REIT in latest rental push
Blackstone to pay $3.7B for REIT in latest rental push
360 Kingsland Avenue in Greenpoint, Brooklyn (Google)
Sitex Group pays $30M for Greenpoint industrial property
Sitex Group pays $30M for Greenpoint industrial property
(Getty)
Intel investment in new Ohio chip plant could reach $100B
Intel investment in new Ohio chip plant could reach $100B
In the days after Hong Kong circulated its latest virus measures this month, several shops, bars and eateries said they would close (Geology.com, iStock)
Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
Hong Kong businesses struggle with fallout of city’s zero-Covid policy, supply chain woes
No Joke: Pete Davidson (left) and Colin Jost just purchased a Staten Island Ferry boat. (Getty)
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
Floating real estate: Colin Jost, Pete Davidson buy Staten Island Ferry boat
Vicky Ward (CNN)
Vicky Ward breaks down New York State’s Trump investigation
Vicky Ward breaks down New York State’s Trump investigation
Lloyd's of London headquarters at Lime Street (Lloyd's of London/CC BY 2.5 - via Wikimedia Commons, iStock)
Lloyd’s of London may exit “Inside Out” home after three decades
Lloyd’s of London may exit “Inside Out” home after three decades
arrow_forward_ios

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

Loading...