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.
May 14, 2024
US-NY-NYC New York