Midtown NYC Office Rents Reach Prerecession High

Law360, New York (January 7, 2014, 6:23 PM EST) -- Average asking rents for Class A office space in midtown Manhattan topped $80 per square foot for the first time in five years during the fourth quarter of 2013, a true sign of recovery and also an explanation for the exodus of some companies downtown, according to a report released this week by Cassidy Turley.

The fourth quarter was a strong one for the office market in the city overall, with more than 4.1 million square feet of new product constructed — the most in more...
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