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Office Space property market in New York City

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

1 month 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

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

18 W 33rd St, New York, NY 10001, Office Medical space for lease 1400-2800 square feet

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

18 W 33rd St, New York, NY, 10001 Office for rent  1400 sf – 2800 square feet      1400 -2800 […]

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

Midtown South, Murray Hill

1 month ago

2916 Frederick Douglass Blvd, Harlem NY 10039 Office or Medical for lease

  • $36/PSF
2916 Frederick Douglass Blvd, New York, NY 10039, USA

2916 Frederick Douglass Blvd, Harlem NY 10039 Office or Medical space for lease. 2000 sf  3rd floor, $36 psf,  Lease term negotiable.  Recently […]

  • 2000 sf
  • $36/PSF
  • Office Space
Details

Harlem

1 month 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

1 month ago

250 W 34th St. 7th Ave. 1 Penn Plaza. Class A Office space 15,000 sq ft. for sublease

  • Upon request
250 W 34th St, New York, NY 10119, USA

1 Penn Plaza. Class A Office space 15,000 sq ft. for sublease, hi floor.  Plug and play opportunity with 2 large […]

  • 15000 Sq Ft
  • Upon request
  • Office Space
Details

Midtown Manhattan, Penn Station

2 months ago

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.

Office Space for lease 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.

Asking rates for leasing of Class A office space are between $70 and $130 per sf, Class B office space leasing rates range between $55 and $80 per square foot annually. 

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.

Office Space for sale in New York

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, New York, NY 10001, Office Medical space for lease 1400-2800 square feet

  • 2800 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

11th Ave The Chelsea Piers Sports & Entertainment Complex, Loft – office – retail for lease.

  • 3000 - 10,000 Sq Ft
  • Upon request
  • Commercial Loft Space

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

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

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