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NY Chart of the Week: Midtown South Rent Growth Slows
Since its post-recession low in 2010, Midtown South's overall average starting rent has increased 77.2%. Largely driven by new construction and renovations, the neighborhood's asking rents had the largest year-over-year gains in Manhattan in 2015--increasing 12.0%.
But with little expected vacancy and record high rents, JLL Research not only believes a correction is on the horizon, but also increased relocations to other parts of the city.
