Manhattan's Boomin' Q4 Sends Some Tenants South
Manhattan asking rents rose to $65.25/SF, the WSJ reports, thanks in large part to job additions in the financial sector. That’s up 5.6% from last year and rents should continue in 2015, particularly for popular Midtown South high-rises. Vacancies have dropped to 9.5%, the lowest rate since 2008, according to JLL. The result: Publishing, retail and apparel tenants--not as willing to pay for premium Midtown property--are heading further downtown, where prices are more manageable $54.43/SF.