Record-high $100-plus, $200-plus leases in 2024 as top space continues to attract leading tenants

NEW YORK, N.Y., Jan. 6, 2025 – JLL has released its 2024 Top-Tier Transactions analysis, which reveals that tenants signed a record 212 leases starting at $100-plus per square foot in Manhattan during 2024. This record-setting 9.8M square feet of top-tier deals in 85 buildings represented one third of Manhattan’s total leasing activity during the year.

Wall Street and the financial industry dominated leasing with 64% of all top-tier leases, and represented 12 out of the top 20 largest deals. Hedge funds and private equity were behind 26% of the top-priced deals. Also in 2024, there were a record 28 transactions, comprising 591,000 square feet of space, starting at $200-plus rents, nearly triple 2023 levels. Following recent trends, deal velocity in new construction and redeveloped assets continued to be robust, representing 1/3 of the $100-plus deals.

Seagram Building was once again the leader in the number of top-dollar deals transacted in a single building with 12 deals total. 50 Hudson Yards had the second highest number of $100-plus deals transacted, with 11 signed leases, followed by Penn 1 with 9 transactions. SL Green again secured the year’s highest starting rent – a staggering $280 per square foot at One Vanderbilt, while Vornado Realty again leased the largest overall quantity of space at $100-plus rents – a total of 1.3M square feet in 19 deals.

A full 64% of the $100-plus transactions involved new deals or relocations, signaling tenants’ willingness to relocate. At the same time, however, 17 out of the top 20 largest top-tier deals involved tenants expanding or growing their footprint in NYC.

Midtown’s Plaza District (and neighboring Columbus Circle) stood as the submarket leader once again with nearly 56%, or 5.5M square feet, of all top leasing volume in 2024. Park Avenue specifically outperformed in 2024 – capturing 51 of the priciest deals across nearly 3M square feet, including 4 of the 10 largest deals. Hudson Yards and Manhattan West saw continued momentum with 35 deals for just over 1.7M square feet of space.

“New York City’s long-standing dependence on the financial services industry, thought to have faded with the growth of technology, reasserted itself in dramatic fashion in 2024,” said JLL Vice Chairman Cynthia Wasserberger, author of the analysis with colleagues Carlee Palmer and Margaux Kelleher. “The resurgence of Wall Street resulted in significant hiring, office leasing vitality and much-anticipated company expansions, while also creating a multiplier effect which favorably impacted growth in legal, consulting, real estate, insurance and other service firms.”

In 2024, leasing activity was again concentrated in the best available and best located buildings. Of continued importance to tenants was the selectivity in identifying owners and buildings with the financial stability and resources to fund concessions, build interior spaces, make capital improvements and secure lender approvals.

“New York City’s return-to-office metrics are the highest in the nation – approaching 86% of 2019 levels – indicating that work-from-home dynamics have shifted,” Wasserberger said. “Even many technology and creative-driven firms finally solidified in-office vs. remote working standards, with a strong preference for increasing productivity through in-person collaboration and accountability.”

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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