Manhattan Office Effective Rent Report Q2 2016

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%.