As in past print editions, the JLL Skyline Report will continue to explore the trends that shape North American real estate markets.
#1 – Not Everyone Gets a Trophy
When it comes to the Trophy classification, JLL research indicated that for the average city skyline, the Trophy rental rate was 77% higher than the non-Trophy rate. Keeping on trend, Manhattan’s trophy inventory outperformed the balance of the market, posting some of the highest rents in the country.
No longer limited to the Plaza District, buildings commanding high rents can be found across Manhattan. Trophy space on the West Side and Bryant Park routinely attract starting rents above $100 per square foot.
Top quality buildings Downtown continue to lure Midtown tenants. Newly-marketed blocks at 28 Liberty Street and 300 Vesey Street offer Trophy-quality space at a significant discount to Midtown.
Until then, we can expect trophy rents to move higher, widening the gap between Trophy and non-Trophy buildings in Manhattan.