Towering prices at trophy properties

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Rents in Midtown’s trophy office properties are higher than ever, according to a market report issued by Jones Lang LaSalle. The survey considered 58 of Manhattan’s most exclusive commercial towers built or significantly renovated since 1985. The average asking rent for these buildings in the first four months of 2007 was $104 per square foot. Just last fall, Jones Lang LaSalle reported that average rents on the same properties were $93 a square foot. James Delmonte, the firm’s research director, predicts that “over the next year or two, little new supply is coming on line, so rents will continue to climb.” more [Crain’s]