NEW YORK CITY-Jones Lang LaSalle reports overall office asking rents in Manhattan fell 6.8% last month. Asking rents for “trophy” properties also tumbled 7.3%.
The brokerage firm reports that the overall asking rent in Manhattan fell from $78.33 in January 2012 to $73.02 in January 2013. While downtown asking rents rose 18.4%, due mainly to the addition of high priced space at the World Trade Center and World Financial Center, midtown asking rents fell by 4.7% over the same period.
Jones Lang LaSalle President of New York operations Peter Riguardi blames the asking rent downturn to the lack of hiring, especially in the financial sector, as well as some large sublease availabilities coming to the market. See story in the New York Post.