Midtown NYC Office Rents Slip as ‘Silicon Alley’ Favored
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Office rents in midtown Manhattan declined in the second quarter, the first drop in two years, as the area south of the district gained popularity among prospective tenants, according to Cushman & Wakefield Inc.
Asking rents in Midtown, the largest U.S. office market, fell to an average $66.44 a square foot from $66.68 in the first quarter, the brokerage said in a statement today. In the downtown market, which includes the city’s financial district, landlords sought $40.06 a square foot, down from $40.18.