NEW YORK, Jan. 2, 2024 – JLL has released its 2023 Year-End Recap, which revealed that office tenants signed a record high 192 $100-plus starting rent leases representing 5.6 million square feet of space in Manhattan throughout the year.
The historic Seagram Building at 375 Park Ave. saw 12 triple digit deals – the most of any Manhattan building during the year - while the brand new One Vanderbilt secured the highest rent of 2023 with its $247 per square foot lease to AIMCO signed in June.
Despite fragility in the broader market, top tier leasing was extremely strong, representing 26% of the 21.7 million square feet of total leasing activity across Manhattan during the year. The JLL data shows tenants continued to gravitate to new construction and heavily renovated assets, and the financial services industry led the charge with 80% of all $100+ leasing – specifically hedge funds and private equity contributing to 44% of the top deals.
Midtown’s Plaza District saw the most top dollar leasing volume - thanks in large part to the Seagram Building - followed by Hudson Yards / Manhattan West assets.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.