Office buildings renovated post 2018 in Manhattan see significant rent growth
Impact of renovations on office base rents in Manhattan by submarkets
- Average base rents increased approximately 27%, rising from $65 to $82 per square foot, reflecting sustained demand for modernized, high-quality office space.
- Among submarkets, Downtown properties undergoing renovations recorded the strongest gains, with rents up 42% from pre-renovation levels. Midtown followed with a 39% increase, while Midtown South rose 27%.
- By asset class, Trophy buildings experienced the most significant growth, climbing from $80 to $106 per square foot. Class A and Class B/C properties also grew, posting average increases of $16 and $9 per square foot, respectively, from pre-renovation rates.
November 12, 2025
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US-NY-NYC New York