Interesting article on Bloomberg
, long but good insight on the commercial market as a whole.
Manhattan Tenants Pay Top Office Rents For Midtown South
By David M. Levitt - May 21, 2012 2:09 PM ET
"Most landlords offering prestige Manhattan office space hate to be pinned down on their asking rents. Not Ed Minskoff. “Between $88 and $115 a foot,” he said without hesitation of the prices he’s seeking at 51 Astor Place, the Fumihiko Maki- designed office project he’s building in the East Village.
Those rates approach the highest rents for top-quality space in midtown Manhattan, the most expensive U.S. office market, as a booming technology market fuels demand for trendier areas.
“We’re having a huge amount of interest” from “lots of very, very exciting companies,” Minskoff said.
Office demand in New York is shifting from the glossy skyscrapers of Midtown preferred by banks to the quirkier mix of neighborhoods to its south that’s home to Chelsea warehouses, Soho galleries and the punky shops on St. Mark’s Place where Joey Ramone and Madonna refined their fashion sense. Technology, media and information firms that gravitate to the area took more Manhattan office space than financial companies this year for the first time, brokerage Cushman & Wakefield Inc. said..."