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New Development Jolts Office Rents in Meatpacking: JLL Research
Manhattan’s Meatpacking District has become one of the most desirable office districts in the U.S., according to new data from JLL Research.
Three new office developments have already opened and another three are on the way — adding a total of 787,989 square feet of office space to the markets. High demand for these expensive new spaces has pushed average taking rents 68 percent above the average rents in the larger Midtown South submarket.
That’s an increase from the smaller 16 percent premium that office tenants paid in 2014 for space in the Meatpacking District compared to Midtown South.
New construction projects have attracted a diverse tenant profile to the historically creative Midtown South market. Asset managers Baker Brothers Investments, Tikehau Capital, and RTW Investments have all signed leases in new developments, along with Argo Insurance Group and real estate consulting group Delos Living.
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