New York City Office Space property market

New York City Office space  – Discussing New York City, you may effectively perceive just its most acclaimed part – Manhattan. Furthermore, that would not be totally off-base, as this district provides the social and financial existence of the whole City. Actually, New York City comprises of 5 unique districts: Manhattan, Brooklyn, The Bronx, Queens and Staten Island. Every last one of them has its special qualities and has appreciated distinctive history and improvement. There are huge chances and availabilities for any business to set up an office or commercial space in any of the apparent multitude of 5 districts and relying upon the profile of your business, you will unquestionably locate your New York City office space.

Manhattan is the epicenter of the governmental, financial and entertainment business, while Brooklyn and The Bronx are more and more inviting towards healthcare, medical  companies and all sort of new companies. Staten Island is an excellent opportunity to scale down costs or establish your first office as a starting company or non for profit organization. There is office space for everyone in New York City.

New York City Office Space for lease

To get a grasp on the office space lease market, have a look to our quick overview for each of the boroughs. Manhattan was and remains the borough, which determines the leasing market for office space. It is a center of financial institutions, government and municipal agencies, international trade companies and many entertainment businesses.

Do not expect a high vacancy rate – it hovers around the 10% mark and the demand for big lots of office space remains high as the area remains attractive for tenants ready to pay for location. Predominantly a business area, where permanent residents are situated in specific areas, the choice of Class A and Class B buildings for space lease are plenty.

Manhattan asking rent prices for leasing:

Class A office space are: between $70 and $130 per square foot, 

Class B office space leasing price range: between $55 and $80 per square foot annually,

Class C office space leasing price range: between $40 and $60 per square foot. 

New York City Office Space prices also can range if you opt for border areas and take advantage of their locations and the excellent transport scheme in the City. For example office space leasing price rates in Harlem area (part of Manhattan) are: between $40 and $50 per square feet. While Long Island City leasing rates are much higher than the average for the whole borough (Queens) it belongs to.

Brooklyn – being mostly a residential area – is also benefiting from the overall high demand of office space for lease in New York. It attracts young entrepreneurs and tech start-ups with its close location to Manhattan and the excellent transportation.

Office space rent price can be found from: $27 in South Brooklyn Waterfront to $65 per sq. ft. in the trendy DUMBO area.

Queens is also a big residential area and one of the very diverse workers. Its proximity to the NYC airports determines it as a place where aviation-related businesses prefer to lease office space.

Office space rent price rates average: $41 per sq. ft. in Queens and are well below Manhattan ones.

The Bronx and Staten Island are mostly residential areas with smaller office spaces available for rent. They are currently undervalued and office space rent price can be found as low as: $20 to $40 if you don’t mind a peripheral location and you have to lower the cost of your business significantly.

New York City Office Space for sale

There are plenty of opportunities of office space for sale, largely depending how big your budget is. New developments in Long Island City in DUMBO are attracting tenants quickly and the market is reaching high demand. If you want to invest, you better find an undervalued asset with high potential in future – as for example Harlem or Staten Island.

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MANHATTAN OFFICE SPACE MARKET INFORMATION