Midtown south's rent growth of 13% per year from 2010 to 2013 is similar to past spikes in 2000 and 2008, but today's high prices are being driven by changes within the district, particularly a stronger and more stable technology industry, according to CBRE. Tech tenants including AppNexus, Twitter and IBM Watson have increased their footprints in the area by 3.9 million square feet between 2007 and 2013.
"Occupancy is much higher now than it was at the previous peak, and they've taken up a larger share of leasing activity," said Matt Maison, manager of research and analysis for CBRE. "The tech industry overall is stronger overall, not only in midtown south."
Read the full article here: Midtown south rents close in on midtown's
Source: Crain's New York Business
