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.
Plaza District, Upper East Side
14 E 55th Street, Plaza District, NY Medical office space for lease 4th floor 2,000 sf, 5th floor 2,000sf floor, Lease […]
18 W 33rd St, New York, NY, 10001 Office for rent 1400 sf – 2800 square feet 1400 -2800 […]
Midtown South, Murray Hill
2916 Frederick Douglass Blvd, Harlem NY 10039 Office or Medical space for lease. 2000 sf 3rd floor, $36 psf, Lease term negotiable. Recently […]
Chelsea West 25th Street NY NY Class A Office space for lease Office space for Lease: Entire 12th Floor: […]
1 Penn Plaza. Class A Office space 15,000 sq ft. for sublease, hi floor. Plug and play opportunity with 2 large […]
Midtown Manhattan, Penn Station
Office Space property market in New York City
Office space property market – Talking about New York City, one might easily understand only the most famous part of it – Manhattan. And that would not be entirely wrong, as this borough determines the social and economic life of the entire City. In fact, New York City consists of 5 different boroughs: Manhattan, Brooklyn, The Bronx, Queens and Staten Island. Each one of them has its unique characteristics and has enjoyed different history and development.There are vast opportunities if you want to set up your office on all the 5 boroughs and depending on the profile of your business, you will surely find your place in New York City.
Manhattan is the epicentre of the governmental, financial and entertainment business, while Brooklyn and The Bronx are more and more inviting towards healthcare companies and all kind of start-ups. Staten Island is an excellent opportunity to scale down costs and/or establish your first office as a starting company or non-profit. There is office space for everyone in New York City.
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.
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 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 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 ethnically diverse. Its proximity to the LaGuardia and JFK airports determines it as a place where aviation-related businesses prefer to lease office space. Leasing 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 can be found as low as $10 to $40 if you don’t mind a peripheral location and you have to lower the cost of your business significantly.
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.