Midtown South records third consecutive year of double digit rent growth

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New York Chart of the Week

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  • The overall average starting rent in Midtown South has increased by 70.5 percent since its post-recession low in 2010.
  • Similarly, landlord concessions have risen as well. From 2011 to 2014, the average TI allowance more than doubled to $40.58 per square foot and free rent climbed from 4.9 to 6.7 months.
  • As Midtown South’s average starting rent approaches the Midtown average of $69.39 per square foot, some tenants are moving Downtown, where the average price discount is $23.50 per square foot.

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Source: JLL Research. *Only includes new leases.