Frequently Asked Questions
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Asking prices vary based on the property location, rating, amenities such as proximity to restaurants, cafes, and entertainment venues, as well as convenience of access to public transport, airports, and thoroughfares.
The average rent for office space in Manhattan is $73.9 per square foot. The minimum rental rate for office space in Manhattan is $4.33 per square foot. Among listings of office space currently available for lease in Manhattan, the maximum rental rate is $330.62 per square foot.
The most common factor that influences cost of office space in any location is the property class rating. For example, Manhattan office space rated Class A asks an average of $103.63 per square foot. Class B office space in Manhattan costs $52.69 per square foot, on average. Listings of office space in Class C buildings asked an average of $45.52 per square foot. -
Most experts recommend an average of between 75 and 150 square feet of office space per person. However, it is important to keep in mind that how much office space you ultimately need depends on your activity and how you need to use the space, as much as it does on how many people it should accommodate. If you already know what size office would best suit your needs, use the available space size filter at the top of the search page to focus your search on the best fit for you.
See Also3557 Miles Away From Taylor Swift, Travis Kelce Crashes Olivia Dunne’s TikTok With Popstar GF’s Hilarious ReferenceSurprise! my OB will be on vacay when I’m 38 weeks ? - July 2024 Babies | Forums | What to ExpectCan the Mavericks Comeback From a 0–2 Hole Against the Celtics? Here’s What the Stats SayYou’ll find a home for almost any size of business in Manhattan, as the local office market offers a wide range of options. Office spaces currently on the market go up to as much as 600,000 square feet in size for an individual listing.
However, there is a variety of differently sized opportunities below that maximum. For your consideration, the median size of an office space for lease in Manhattan is 5,530 square feet, and the average office space size here is 13,451 square feet. -
You can find 4,866 office listing(s) for lease in Manhattan, which add up to a total of 64,735,941 square feet. Availability on the market includes a variety of office use types, such as General Office, Creative Office, Office Building, Medical Office, Showroom - Office.
The most common office use type currently available for lease in Manhattan is General Office, which is offered in 3,590 or 74.53% of listings. The second-most frequent office use type listed here is Creative Office, which account for 164 or 3.40% of office space currently available. On the other end of the spectrum, the office use type least common among local listings is Office Condo, which is available in 1 listing(s).
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You can search 606 office sublease listing(s) in Manhattan, which amount to a total of 12,815,155 square feet. Sublease opportunities on the market include General Office, Creative Office, Showroom - Office. The Manhattan neighborhood or submarket with the most sublease listings available is Central Midtown.
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The best choice of neighborhood for your office space will greatly depend on the elements that are most relevant to your business and your employees. However, a good criterion to start with is to look at the areas of the city that have the highest concentration of office properties, as these areas are generally well connected to transit options and have a good degree of amenity availability.
In Manhattan, the greatest concentration of office space for lease opportunities is in Central Midtown, Financial District, Garment District.
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Each individual’s commuting experience will of course be different depending on a number of factors. Check the location description details for the office listings that catch your eye, to get an overview of walkability, access to public transport, the quality of infrastructure dedicated to biking commuters, as well as the proximity to parking facilities, fuel stations, and other essential amenities.
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The Manhattan office market incorporates a mix of properties of various ages, ratings, construction grades, and other quality indicators. Roughly 46.36% of total office space listings in the city are in properties rated Class A. You will find the highest concentration of Class A office space in the Central Midtown neighborhood of Manhattan. Class B office space accounts for 38.68% of spaces listed on the leasing market. The neighborhood with the most Class B office space is Financial District. Class C office space makes up 4.23% of office space available in Manhattan.
Buildings completed in and since the year 2000 account for 5.86% of office properties in the city and incorporate a total of 56,366,822 square feet. About 1.7% of office space in Manhattan is in buildings that have been renovated at least once since 2000.
Out of the office space listings currently available in Manhattan, you can find 1389 LEED-certified or LEED-proposed option(s). A total of 206 building(s) here earned a LEED-certification — certification levelPlatinum (12), Gold (143), Silver (35). The local market includes 4 LEED-proposed office building(s) awaiting certification in Manhattan.
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There are, of course, a lot of things to factor in when you are looking for office space. Aspects including the accessibility of the location, the quality of the facility, the size of the space, the convenience of nearby amenities, the type and duration of the lease, and of course the cost are all part of the search and decision process. For a quick checklist of what you should take into account when researching the market, consider these seven tips for choosing the best office location for your business. Alternatively, for a comprehensive take on everything to consider when looking for office space, see our in-depth guide to finding office space for small or growing companies. The guide also includes insights from seasoned professionals and can serve as a helpful resource for growing companies, no matter their current size.
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Are you looking to lease office space in the vicinity of your current location or in a particular neighborhood of Manhattan? Using the interactive map, you can easily navigate to your preferred location and customize your search area around a specific point of interest. Select “Radius” from the Search Mode options menu, click on the map to set your search reference point, and expand the radius to select your desired search area. Browse available listings to find the best office space that meets your location, as well as other business needs.
Manhattan, NY Office Market Overview
When considering trophy office space in high-rise office towers, Manhattan is often the first thought for many people. That should come as no surprise, given the borough’s significance for the global economy, in general, as well as for investment banking and financial services, in particular.
Here, there’s more than 500 million square feet of office space, two-thirds of which is designated as trophy or Class A.
The Manhattan office market is defined by high density, low occupancy and positive absorption. The mammoth development project at Hudson Yards is providing the market with modern, A+ office space, while the classic architecture of Manhattan’s older neighborhoods is also a magnet for office-using businesses of all types.
Additionally, some of the world’s most iconic office buildings — such as the Empire State Building, the Chrysler Building and One World Trade Center — are also situated here.
