6.2% of Manhattan inventory commanded triple-digit base rents in 2024

Trophy and class A buildings account for 295 msf, or 57.7%, of the total Manhattan inventory (512 msf). Of that 295 msf, 32 msf had base rents of $100+ in 2024, equating to 6.2% of total Manhattan inventory. Breaking down the 32 msf by class, 68.5% (22 msf) was in trophy and 31.5% (10 msf) was in class A.

Together, trophy and class A represented the top 25% of inventory in terms of rents and build date yet accounted for 76.7% of leasing activity in 2024. This trend has continued in 2025, where tenants are actively choosing pricier rents and competing for footprints in better quality buildings.

Landlords of trophy and class A buildings are starting to reduce concession packages based on the markets continued flight to quality.

March 17, 2025

US-NY-NYC New York