T
he Manhattan high-end office market has reached new heights, with a record 28 leases signed at rents above $200 per square foot in 2024. This exclusive club now requires an admission charge of $200 per square foot to join. The deals represent the top tier of the top tier and are part of a banner leasing year that saw 30.2 million square feet of space grabbed, up 19.4% from 2023.

    The JLL report highlights a market where nearly 600,000 square feet of space was leased at $200-plus rents in 2024, with the larger $100-plus pinnacle class accounting for an unprecedented 9.8 million square feet of space. This is a significant increase from 5.6 million square feet in 2023.

    Major deals closed on New Year's Eve, including Stonepeak and Visa taking 150,000 square feet each at Warner Brothers Discovery sublease floors at rents above $100 per square foot. The Manhattan market is slowly recovering from the pandemic, with a work-from-home dynamic firmly in the rear-view mirror.

    Despite overall Manhattan availability hovering around 18%, prime corridors like Park and Sixth avenues have much lower vacancy rates. Owners of premier properties are sitting pretty, with Park Avenue boasting the most top-dollar deals and Vornado Realty Trust earning bragging rights for the highest number of C-Note deals.

    Resurgent financial services claimed 12.2 million square feet, or nearly 40% of all 2024 deals, as well as 64% of the C-note class. JLL cited an almost insatiable demand for quality office space by Wall Street, which reasserted itself in dramatic fashion after a period of dominance by technology firms.

    Other notable deals include Tikehau Capital and Platinum Equity at 9 West 57th St., Patient Square Capital at the GM Building, Leerink Partners and Freestone Grove Partners at the Seagram Building, and Westpac Advisors at Lever House. In the $100-plus class, Blackstone's renewal and future expansion at Rudin's 345 Park Avenue tops the list with a single, 1.056 million square-foot commitment.