New York Chart of the Week
- 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.
Source: JLL Research. *Only includes new leases.