Manhattan Office Leasing Snapshot by Industry: What Insights Can We Gain?

Average base rent, net effective rent, and lease term by industry

  • Banking, finance, insurance, and real estate tenants continue to pay a premium for high-quality space, averaging just over 8 years per lease.


  • Tech leases show a very narrow margin between base rents and net effective rents, indicating a propensity for shorter-term commitments to pre-built spaces.


  • Law firms, on the other hand, tend to sign the longest-term leases on average, securing more favorable terms.


  • Consulting, research, accounting, and recruiting tenants exhibit a significant disparity between base rents and net effective rents, likely stemming from substantial concession packages.


  • Similarly, media, PR, telecom, and entertainment tenants, akin to the tech sector, experience a minimal variance between base and net effective rents.

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