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Jobs boom pushes Manhattan office rents north
A booming jobs market and dearth of new office development has pushed Manhattan office rents to new highs.
The borough’s asking rent average reached a $77.82 psf, up 4.9 percent on this time last year, according to Colliers’ half yearly office leasing report.
Leasing during the first half of 2019 was 20.26 million square feet, a 13 percent increase year-over-year.
“Similar to 2018, a healthy job market and steady economic growth has led to strong leasing activity in the first half of the year. Overall availability remains near market equilibrium while pockets of Manhattan were at their lowest post-recession availability on record,” said David Amsterdam, Colliers’ president, Investments and Eastern Region.