By: Krug Stillo

Manhattan’s priciest office towers reached new extremes in 2025, as demand for top-tier space sent rents soaring past the once-rare $100-per-square-foot mark — and in some cases far beyond it, the New York Post reported.

According to a year-end analysis by brokerage firm JLL, a record 313 Manhattan office leases last year were signed at $100 per square foot or more. That activity spanned 125 buildings across the borough, a sharp increase from 85 buildings in 2024, the Post reported. In total, nearly 9.9 million square feet was leased at those premium prices, edging past the previous year’s volume.

Industry insiders told the Post that while $100-per-square-foot rents have effectively become standard in elite buildings, some landlords believe pricing could climb as high as $200 — or even $250 — in the most coveted properties. Others, however, warned that tenants may soon hit their breaking point.

JLL declined to name specific tenants, but brokerage sources cited by the Post said SL Green’s One Vanderbilt once again captured the highest per-square-foot deal in Manhattan. Kyndryl, an infrastructure services firm, reportedly agreed to pay an astonishing $305 per square foot for a relatively tiny 6,300-square-foot space.

The surge in ultra-high rents is being driven largely by tenants chasing prestige, panoramic views, and brand-new amenities — regardless of cost, the Post reported. At the same time, the overall supply of available office space has tightened significantly. Manhattan’s availability rate dropped from nearly 20% a year ago to about 13.2%, according to JLL, with even lower availability in prime districts such as Park Avenue, Hudson Yards, and the World Trade Center area.

JLL vice chairman and research head Cynthia Wasserberger told the Post that leases above $100 per square foot accounted for roughly one-third of all Manhattan office signings in 2025 — a striking shift from prior years when such deals were rare outliers.

Technology, media, and information companies led the charge, making up about 31% of top-tier transactions, the Post reported. Wasserberger said extreme scarcity, soaring construction costs, and strong competition for the best space are pushing rents higher, even as landlords continue offering generous concessions like free rent and buildout allowances.

“It’s not a stretch to expect more buildings to regularly seek rents above $200,” Wasserberger said, according to the Post, particularly as new trophy towers enter the market.

The $100 threshold, once considered extraordinary, is now routine at elite addresses. Premium buildings are leasing for at least 15% more than Manhattan’s average office rent, which hovers around $85 per square foot, the Post reported.

Among notable asking rents cited by the Post were $120 per square foot at 500 Park Ave., $105 to $110 at 75 Rockefeller Plaza, more than $100 at 330 Madison Ave., and prices ranging from $140 to $170 in portions of 320 Park Ave.