Across the board, average effective rents for office spaces were up in Manhattan markets, continuing last quarter’s positive rent growth. Average effective rent rose 4.07% during the quarter to $67.44. That represents a considerable year-over-year increase of 14.41% and an indication of a bull market. Average concession values, while elevated by recent historical standards, declined slightly by 25 basis points in 2Q2016 compared to 1Q2016, ending the quarter at 13.36%.
