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.