Average Class B asking rent for offices in Downtown Manhattan 2022-2023, by submarket
The average Class B asking rent for office real estate declined in all submarkets in Downtown Manhattan between 2022 and 2023. In the fourth quarter of 2023, Tribeca had the highest average Class B rent of 68.36 U.S. dollars per square foot, while the World Trade Center had the lowest rate of 42.81 U.S. dollars per square foot. The average class B asking rent in Downtown Manhattan was 52.30 U.S. dollars per square foot in that quarter.