Kudos to Jones Lang LaSalle's eesearch director, Jim Delmonte, for this graph demonstrating the strong correlation between asking rents in New York City and the health of the financial industry.
"This shows the performance of the Standard & Poor's 500 against asking rents for midtown, and you can see there’s a strong correlation between them," Mr. Delmonte said. "In times of upmarket in the S&P, the asking rent follows suit."
Why?
"New York's office market is tied largely to financial services," Mr. Delmonte explained. "Occupancy of financial services is approximately 30 percent of the office market. So obviously, as financial services go, the market tends to follow most of those trends."
Copyright Obser - Observer
