Rent’s in the Nation’s largest office market have remained fairly stable over the past year despite a record low unemployment and continued expansion of tenants. Large tech giants like Google, Facebook, and Amazon, have dominated the market with unprecedented growth year over year. It’s also been another banner year for coworking providers like WeWork, Knotel, and Convene. Despite this, recently completed construction in Hudson Yards, and anticipated construction within the next two years adding millions of square feet to the market have tempered rent increases. Below is a map outlining the average rent in the submarkets of Manhattan.
Data Source: CoStar Realty Information Inc.