Average Class A asking rent for office space Manhattan in Q2 2020, by district

The average asking rent for Class A office space in Midtown Manhattan was 89.18 U.S. dollars per square foot in the second quarter of 2020. It was above the Manhattan average of 85.12 U.S. dollars, but below that of Midtown South, which was the most expensive district at 98.28 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, higher asking rents for office space overall than Midtown South in 2019. This shows that the class of real estate has an effect on 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 2019. Meanwhile, Midtown South is home to Madison Square Garden, Pennsylvania Station, Hudson Yards and Koreatown. In 2019, the most expensive submarket there was SoHo, followed by Chelsea and Hudson Yards/Manhattan West.

Average Class A asking rent for office space in Manhattan in Q2 2020, by district

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Source

Release date

July 2020

Region

United States

Survey time period

Q2 2020

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Statistics on "Office real estate in the United States"

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