Average Class A asking rent for office space Manhattan in Q4 2022, by district
The average asking rent for Class A office space in Midtown Manhattan was 82..94 U.S. dollars per square foot in the fourth quarter of 2022. It was above the Manhattan average of 81.51 U.S. dollars, but below that of Midtown South, which was the most expensive district at 106.82 U.S. dollars per square foot.
What is Class A real estate?
Class A real estate refers to the best properties in terms of appearance, age, quality of infrastructure and location. These properties usually command the highest rental rates, due to their high quality. Midtown Manhattan had, on average, lower asking rents for office space overall than Midtown South in 2022. This shows that the class of real estate affects its rental rate.
Midtown vs Midtown South
Midtown Manhattan contains the Empire State Building, MoMA, Grand Central Station, and the United Nations Headquarters. The most expensive submarket there was Plaza District in 2022. Meanwhile, Midtown South is home to Madison Square Garden, Pennsylvania Station, Hudson Yards, and Koreatown. In 2022, the most expensive submarket there was Hudson Yards, followed by Chelsea and Hudson Square.
What is Class A real estate?
Class A real estate refers to the best properties in terms of appearance, age, quality of infrastructure and location. These properties usually command the highest rental rates, due to their high quality. Midtown Manhattan had, on average, lower asking rents for office space overall than Midtown South in 2022. This shows that the class of real estate affects its rental rate.
Midtown vs Midtown South
Midtown Manhattan contains the Empire State Building, MoMA, Grand Central Station, and the United Nations Headquarters. The most expensive submarket there was Plaza District in 2022. Meanwhile, Midtown South is home to Madison Square Garden, Pennsylvania Station, Hudson Yards, and Koreatown. In 2022, the most expensive submarket there was Hudson Yards, followed by Chelsea and Hudson Square.
