THE RIGHT OFFICE AT THE RIGHT PRICE!
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Office Rental Rates in the Plaza District at the end of the first quarter of 2016 increased less than 1% over the quoted rent at the end of 2015. This long awaited respite portends a market that is close to its peak. As reported by Costar, the Commercial Real Estate Information Company, the average rent in the first quarter of 2016 was $70.73 per rentable square foot (PSF) compared to the year end’s $70.11. Vacancy in first quarter of 2016 was 7.1% compared to the year end’s 7.0%
The table below provides more detailed information.
The Plaza District has NYC’s highest concentration of financial, legal and public companies. They come for its elegant restaurants, luxury stores and services. The Plaza District stretches from Fifth Avenue to the East River and 47th to 66th Street.
About Cogent Realty Advisors
Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing NYC businesses that lease office space. Our goal is to secure the right office for your business at the right price. For information, phone Mitchell Waldman at (212) 509-4049.
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