CBRE Group, Inc., today released a Manhattan MarketFlash.

The brief focuses on the steady increase in Downtown average asking rent that began in 2012, which has now reached a historic high. Dramatic neighborhood enhancements and the introduction of new office product at the World Trade Center has driven rent growth and caused the historic disparity between Downtown and Midtown rents to shrink considerably—from a gap of 43% at the height of the market in 2007 to just 23.5% as of June 2017.

“Despite the rising trend in average asking rents, Downtown remains the most affordable option for Manhattan-based tents,” said Nicole LaRusso, Director, Research and Analysis, CBRE Tri-State. “Downtown offers a wide range of product and pricing that has been a major driver of tenant migration into the market.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.