JLL: 9% Of Midtown/Midtown South Office Space Leased In 2016 Got $100/SF Or More
A new report from JLL outlines how the Midtown and Midtown South office markets fared in 2016 at the high-end level, and despite volatility in the hedge fund industry and election-related concerns, it wasn’t a bad year for über-expensive office leasing.
A total of 106 deals closed at rents of $100/SF or more between the two adjoining submarkets. That’s down from 138 in 2015, but it’s up from 97 in 2014. Those $100-plus deals accounted for 2.1M SF and about 9% of all space leased in the Midtown and Midtown South markets last year.
Boston Properties took the cake for the most $100+ deals, with 18 such deals covering 438k SF. In all, 44 buildings got $100 per SF or more on deals done in 2016. Among those were several new buildings, like 7 Bryant Park and 30 Hudson Yards. Twenty-six percent of the $100+ deals were in new construction.