Downtown: Priced to Move

It’s getting cheaper and cheaper to rent offices downtown–at least relatively speaking.

Cushman & Wakefield‘s second-quarter statistics show that financial district asking rents lag almost $17 a foot ($31.20, for all classes) compared to Midtown ($47.87). The tax breaks and Freedom Tower redesign that were meant to bolster Shelly Silver’s district came so late in the spring as to make little difference.

C&W’s New York executive managing director says the mayor is still not doing enough. “Without the city redirecting efforts to downtown and a renewed commitment to infrastructure,” he said in a press release, “downtown is in danger of continuing to lose large scale relocations and not realize its potential to become a true world-class business environment.” But hey, if you’re renting down there, what’s there to complain about?

– Matthew Schuerman

Downtown: Priced to Move