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Manhattan Office Market SnapshotMarch 5, 2014
After a successful year of leasing in 2013, Manhattan rents have continued to increase in January and February. The largest increase in average starting rent is in Midtown: more than 5% to $62.22. Midtown South reached an average of $57.96, thanks to leases to Mail Online and IBNM's Watson Group at 51 Astor Place. Downtown slipped back to $39.98, after high-profile leases boosted the end of 2013.
*The Average Starting Rent is the amount tenants will pay for the first leg of their office leases, prior to any rent increases, while the Average Effective Rent is taking into account concessions, such as free rent and Tenant improvement allowances. Concession packages rates represent the value of benefits paid back to office tenants, as a fraction of the total lease value.