Office rents are rising near Bryant Park and that area is outperforming the rest of Midtown, a new report shows.
A Jones Lang LaSalle study found Bryant Park’s vacancy at just 3.8 percent in the second quarter of 2012 — a third of Midtown’s 11.5 vacancy rate. In that same period, rents around the park were $78.29 per square foot, compared to Manhattan’s $63.40 average rent per square-foot, the New York Times reported. Bryant Park stands in particular contrast to the traditionally strong Plaza district, which has been seeing high vacancy rates. The construction of One Bryant Park and a handful of high-rise upgrades and renovations have contributed to the trend. “Bryant Park is now established as a hub of top-priced office space, and the park itself is the nucleus of this submarket,” Mary Ann Tighe, chief executive of commercial brokerage CBRE, told the Times.
The tower at 475 Fifth Avenue soon see an overhaul and construction on a new 28-story office building, and construction at 7 Bryant Park, is slated to begin later this year. [NYT] — Jane C. Timm.