Office Deals? Yes, But Skip Midtown—3rd Costliest Globally

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Office Deals? Yes, But Skip Midtown—3rd Costliest Globally

Midtown is the most expensive office market in the U.S. and North America, ranking third globally behind London’s West End and Hong Kong, according to Savills.

Midtown Manhattan’s average net effective cost hit $206.67 per square foot, up 9% from last quarter, including rent, incentives, and fit-out expenses. London’s West End leads at $277.55, while Hong Kong dropped to $230.39.

Downtown Manhattan ranks fourth in the U.S. at $91.88 per square foot, with San Francisco and Century City in between. Nearly half of ...

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Manhattan’s Retail Market Rebounds Post-Pandemic

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Manhattan’s Retail Market Rebounds Post-Pandemic

Manhattan’s retail market continues to recover, with availability dropping to 14.7 percent in the third quarter, the lowest ever recorded. This marks a significant improvement from the 28 percent peak in 2021.

There were just 202 available retail spaces, down from 210 the previous quarter, with lower Fifth Avenue seeing the most significant shift, dropping from 21 percent to 11.3 percent availability.

SoHo has also bounced back, with availability falling from 34.6 percent in 2021 to 11.5 percent. The area’s rent has risen ...

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