Average Class A asking rent for offices in Downtown Manhattan 2022-2023, by submarket
The average Class A asking rent for office real estate in Downtown Manhattan in the fourth quarter of 2023 varied significantly among submarkets. Tribeca had the highest average Class A rent of 158.63 U.S. dollars per square foot. Renting a square foot of Class A property in Tribeca cost more than double the cost in all the other submarkets in Downtown Manhattan. Meanwhile, the Insurance District was the only district where Class A office rents rose between 2022 and 2023.