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 9.8 million 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 percent of all top-tier leases, and represented 12 out of the top 20 largest deals. Hedge funds and private equity were behind 26 percent of the top-priced deals.
Also in 2024, there were a record 28 transactions, comprising 591,000 square feet of space, that started at $200-plus rents, nearly triple 2023 levels. Following recent trends, deal velocity in new construction and redeveloped assets continued to be robust, representing one-third of the $100-plus deals.
Seagram Building was once again the leader in the number of top-dollar deals transacted in a single building,
