NEW YORK CITY—Midtown leasing activityoutperformed the rest of the New York office market in2015—claiming nine of the top 10 leases—despite recording fewerlarge-block transactions year-over-year, according toJLL. There were 27 leases of 100,000 square feetor greater in Midtown last year, compared to 33 in 2014.
"The Midtown Trophy Index, a group of manyof New York's most exclusive office buildings, has outperformed therest of the submarket," says Tristan Ashby, VP anddirector of New York research. "Average asking rents for Midtowntrophy properties increased 6.5% in 2015 to $99.43 per square foot.Since the market bottom in 2010, Midtown trophy asking rents haverecorded some of the highest growth rates in Manhattan at38.9%."
Average asking rents in Midtown roseslightly to $73.19 per square foot in Q4, an increase of less than1% from $72.90 per square foot in the third quarter.Year-over-year, the submarket's rates grew 4.1% from $70.31 persquare foot.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
