Asking rents rise in new york's midtown

Asking rents are rising in Midtown New York.

Rents have risen to $89.81 per square foot in Park Avenue, according to Knight Frank, following by $88.97 psf in Upper Fifth/Plaza. New blocks are on the way to the market, but the expanding supply will not lower asking rates, warns the firm, because even with tenants relocating further south, demand for units is still high.