The era of tumbling office rents is over, at least in the Midtown South submarket. Asking rents there have surpassed overall Midtown rent prices for the first time on record, according to a report from Colliers.
The asking rent there grew 1.7% since Q4 2021 to $79.95 per square foot while Midtown’s overall asking rents fell to $79.67. Midtown South is also the only one of the Manhattan office submarkets to surpass its March 2020 average rent of $77.95.
The rise in prices is largely due to more expensive blocks of space at 88 University Place, 10 Hudson Yards and 63 Madison Ave. coming onto the market and
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