A new report shows Manhattan landlords are now receiving an average of 85 percent of their asking rate which represents an 8 percent year-over-year increase. The average asking rate for rents in Manhattan was $47.58 in May with an average asking rate of $54.63 for Midtown. The gap may narrow even further with the improving Midtown market but the downtown market may see the spread increase with more availability coming online.
Businesses that are planning to lease space in Manhattan should be with a tenant representative to make sure they don’t overpay for space. Our team can help you negotiate for space based on current market conditions and your individual requirements.