The increase in high-priced availability matches tenant demand. Since 2012, Manhattan has seen a steady escalation in leases signed at a base rent of $100+ per sq. ft., as 2019 marked the third consecutive year with more than 90 deals in this price segment. Tenants continue to demonstrate a strong appetite for the highest quality space on the market–including both recent construction (built since 2000) and space that has recently undergone a substantial renovation. Manhattan will likely continue to see a solid pace of $100 deals into 2020.