New York City New York City

NEW YORK CITY—“In my 20 years of tracking NYC real estate, I never thought I’d be saying Midtown South rents are the highest in the nation but it did happen in 2018,” said Rich Persichetti, VP, tri-state region research lead at Cushman & Wakefield. At $95.80 per square foot, they were almost 17% higher than in Midtown. However, he clarified that the building stock in Midtown is eight times greater than in Midtown South. Persichetti pointed to the high demand, lack of available supply and newly built construction projects bearing triple digit rents for boosting the district’s statistical average.

During a press conference call, in which Cushman & Wakefield presented its research, Persichetti said last year was the strongest leasing year on record for Manhattan office demand. Although Manhattan’s vacancy rose to 9.2%, he underscored it has been well below 10% for more than four years.

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Betsy Kim

Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.

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