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New York City Office Space property market

Featured
  • $70/per SF
30 E 60th Street, NY, NY Office Medical space for lease 500-25000 sq ft

30 E 60th Street, NY, NY Office Medical space for lease 500-25000 sq ft

  • $70/per SF
30 E 60th St, New York, NY 10022, USA

30 E 60th Street, NY, NY Office Medical space for lease 500-25000 sq ft
$65-75 psf Office or Medical space for lease 800 -1500 – 2500 – 4500-7800 10,000 sf plus

 We will accommodate any size 800-25,000 sf.

  • 300 - 20,000 Sq Ft
  • $70/per SF
  • Medical Office Space, Office Space
Details

Plaza District, Upper East Side

4 months ago
  • Upon request
18 W 33rd St, New York, NY 10001, Office Medical space for lease 1400-2800 square feet

18 W 33rd St, Herald Square, NY Office Medical space for lease 1400-2800 square feet

  • Upon request
18 W 33rd St, New York, NY 10001, USA

18 W 33rd St, Herald Square, NY, 10001 Office, Medical for rent  1400 sf – 2800 square feet      […]

  • 2800 Sq Ft
  • Upon request
  • Medical Office Space, Office Space
Details

Herald Square, Midtown South

4 months ago
  • Upon request
250 W 54th St. 4

250 W 54th St, Columbus Circle, NYC Class B Office space for lease

  • Upon request
250 W 54th St, New York, NY 10019, USA

250 W 54th St, Columbus Circle, NYC Class B Office space for lease.  Very affordable rent prices ! 7th floor […]

  • 1850 - 3000-10,000 Sq Ft
  • Upon request
  • Medical Office Space, Office Space
Details

Columbus Circle, Midtown Manhattan

4 months ago

14 E 55th Street, Plaza District, NY, Medical office space for lease 2,000 + 2,000 sf

  • Negotiable
14 E 55th St, New York, NY 10022, USA

14 E 55th Street, Plaza District, NY  Medical office space for lease  4th floor 2,000 sf, 5th floor 2,000sf  floor, Lease […]

  • 2000 Sq Ft
  • Negotiable
  • Office Space, Showroom Space
Details

Plaza District

4 months ago
Featured
  • Upon request
Chelsea West 25th Street NY NY Class A Office space for lease

Chelsea West 25th Street NY NY Class A Office space for lease

  • Upon request
W 25th St, New York, NY, USA

Chelsea West 25th Street NY NY Class A Office space for lease    Office space for Lease: Entire 12th Floor: […]

  • 4000 Sq Ft
  • Upon request
  • Gallery Space, Office Space
Details

Chelsea

4 months ago
  • Upon request
635 Madison Ave NY, NY Medical office space for lease UES

635 Madison Ave NY, NY Medical office space for lease UES 2500-5000 sf

  • Upon request
635 Madison Ave, New York, NY 10022, USA

635 Madison Ave NY, NY 10022  Medical office space for lease UES 2500-5000 sf 2500-5000 sf  plus,   3-10 years lease […]

  • Baths: 3
  • 2500 - 5000 Sq Ft
  • Upon request
  • Medical Office Space, Office Space
Details

Madison Avenue, Plaza District, Upper East Side

4 months ago

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 epicentre 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, governmental 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. 

 

Price also can range if you opt for border areas and take advantage of their location and the excellent transport scheme in New York 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.

Rent price rates average: $41 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

INVENTORY SF 376 M +1.0% Prior Period 373 M
UNDER CONSTRUCTION SF10.2 M -10.3%Prior Period 11.4 M
VACANCY RATE11.7% +1.0%Prior Period 10.7%
AVERAGE MARKET RENT/SF$76.15 +1.2%Prior Period $75.25
MARKET SALE PRICE/SF$904 +2.9%Prior Period $878
MARKET CAP RATE4.3% Prior Period 4.3%

Availability
Vacant SF 40.7 M Sublet SF 11.8 M
Availability Rate 18.3% Available SF 65.8 M
Available average Asking Rent/SF $60.04
Occupancy Rate 88.3% Percent Leased Rate 91.5%
Office Sales Past Year
Asking Price Per SF $701
Sale to Asking Price Differential -1.4%
Sales Volume $7.5 B
Properties Sold 104
Months to Sale 11.0
For Sale Listings 142
Total For Sale SF 1.3 M

Demand
12 Months Net Absorp % of Inventory -0.1%
12 Months Leased SF 32 M
Months on Market 8.2
Months to Lease 12.1
Months Vacant 11.0
24 Months Lease Renewal Rate 35.1%
Population Growth 5 Years 3.0%

30 E 60th Street, NY, NY Office Medical space for lease 500-25000 sq ft

  • 300 - 20,000 Sq Ft
  • $70/per SF
  • Medical Office Space, Office Space
Featured

30 E 60th Street, NY, NY, Retail, Art Gallery space for lease, UES

  • 1700 - 3500 Sq Ft
  • Upon request
  • Gallery Space, Retail Space

18 W 33rd St, Herald Square, NY Office Medical space for lease 1400-2800 square feet

  • 2800 Sq Ft
  • Upon request
  • Medical Office Space, Office Space

36 E 60th Street, NY, NY, Retail, Art Gallery space for lease, UES

  • 1560 Sq Ft
  • Upon request
  • Gallery Space, Retail Space

250 W 54th St, Columbus Circle, NYC Class B Office space for lease

  • 1850 - 3000-10,000 Sq Ft
  • Upon request
  • Medical Office Space, Office Space

14 E 55th Street, Plaza District, NY, Medical office space for lease 2,000 + 2,000 sf

  • 2000 Sq Ft
  • Negotiable
  • Office Space, Showroom Space

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