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Manhattan Office Leasing Reaches New Peak for Deals at Top-Tier Rents
2022 was the year of the premium office lease in Manhattan, according to JLL and CBRE. Both firms said deals with starting rents greater than $100 per square foot reached a new peak, although their tallies differed, with CBRE reporting 137 such leases and JLL reporting 190.
“The record number of premium rent leases signed in 2022 is further evidence of resiliency and relevance in top-of-the-market properties,” said Cynthia Wasserberger, JLL vice chairman. “2022 revealed that many tenants elected to commit to higher-end space, while focusing on right-sizing their operations post-COVID. The trend of ‘paying more for less’ and prioritizing quality over quantity has benefitted top properties more than ever.”
CBRE’s Nicole LaRusso noted that the number of leases signed for $200-plus per square foot also reached a record in 2022, with 16 such deals completed, suggesting that this may be the new barometer for the market’s upper reaches.
Pictured: RFR’s Seagram Building, which saw 17 leases for $100 or more per square foot in 2022.
- ◦Lease
