The average asking rent for Class A office space in Midtown Manhattan was 82.74 U.S. dollars per square foot in the first quarter of 2024. It was above the Manhattan average of 80.38 U.S. dollars, but below that of Midtown South, which was the most expensive district at 103.42 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. In the U.S., Manhattan has the most expensive rents for Class A offices.
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 2024. Meanwhile, Midtown South is home to Madison Square Garden, Pennsylvania Station, Hudson Yards, and Koreatown. In 2024, the most expensive submarket there was Hudson Yards, followed by Chelsea and Hudson Square.
Average Class A asking rent for office real estate in Manhattan in 1st quarter 2024, by district
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Colliers International. (April 10, 2024). Average Class A asking rent for office real estate in Manhattan in 1st quarter 2024, by district (in U.S. dollars) [Graph]. In Statista. Retrieved August 24, 2024, from https://www.statista.com/statistics/605986/average-class-a-asking-rent-manhattan-by-submarket/
Colliers International. "Average Class A asking rent for office real estate in Manhattan in 1st quarter 2024, by district (in U.S. dollars)." Chart. April 10, 2024. Statista. Accessed August 24, 2024. https://www.statista.com/statistics/605986/average-class-a-asking-rent-manhattan-by-submarket/
Colliers International. (2024). Average Class A asking rent for office real estate in Manhattan in 1st quarter 2024, by district (in U.S. dollars). Statista. Statista Inc.. Accessed: August 24, 2024. https://www.statista.com/statistics/605986/average-class-a-asking-rent-manhattan-by-submarket/
Colliers International. "Average Class A Asking Rent for Office Real Estate in Manhattan in 1st Quarter 2024, by District (in U.S. Dollars)." Statista, Statista Inc., 10 Apr 2024, https://www.statista.com/statistics/605986/average-class-a-asking-rent-manhattan-by-submarket/
Colliers International, Average Class A asking rent for office real estate in Manhattan in 1st quarter 2024, by district (in U.S. dollars) Statista, https://www.statista.com/statistics/605986/average-class-a-asking-rent-manhattan-by-submarket/ (last visited August 24, 2024)
Average Class A asking rent for office real estate in Manhattan in 1st quarter 2024, by district (in U.S. dollars) [Graph], Colliers International, April 10, 2024. [Online]. Available: https://www.statista.com/statistics/605986/average-class-a-asking-rent-manhattan-by-submarket/