Highlights
- The average rent for office space in Manhattan is $66.82 per square foot, 1.90% lower compared to the previous year.
- The average sale price for office space in Manhattan is $495.02 per square foot, marking an increase of 21.51% compared to 2024.
- The market’s vacancy rate stands at 13.63%, lower than the state average of New York, which is 18.11%.
- Renting Class A/A+ office space here costs $78.05 per square foot, while Class B averages $61.58 and Class C stands at $47.36.
- 898,795 square feet is currently under construction.
2025 Office Space Rent & Sales
- $66.82 2025 Avg. Asking Rent
- -1.90% Y-o-Y Avg. Asking Rent Change
- 13.63% 2025 Office Vacancy Rate
- $8.1B2025 Total Office Sales
- $495.02Avg. Sale Price/SF
What is the average asking rent price for office space in Manhattan?
Average asking rents for office space here stand at $66.82 per square foot. The local office market recorded an average vacancy rate of 13.63% in 2025, unchanged from 13.63% in 2024.
Office transactions in the local market in 2025 totaled a sales volume of $8.1B across 73 sales. These transactions commanded an average sale price per square foot of $495.02.
Manhattan, NY Office Asking Rents by Class
What is the average office rent per square foot by property class in Manhattan?
- Avg. Asking Rent Class A & A+$78.05
- Avg. Asking Rent Class B$61.58
- Avg. Asking Rent Class C$47.36
The average asking rent for Class A and A+ office space stood at $78.05 per square foot, indicating the best — and most expensive — that the market has to offer.
Class B space in Manhattan averaged $61.58 per square foot, while the average for Class C space was $47.36 per square foot.
What is the average office rent per square foot by property class in NY?
- Avg. Asking Rent Class A & A+$55.44
- Avg. Asking Rent Class B$43.40
- Avg. Asking Rent Class C$32.95
For comparison, the average rent for Class A and A+ office space in New York was $55.44 per square foot. The state-wide average for Class B space was $43.40 per square foot, and Class C office spaces averaged $32.95 per square foot.
Manhattan, NY Office Indicators by Submarket
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Plaza District | $90.20 | 11.30% |
| Tribeca | $85.40 | 21.33% |
| United Nations - Turtle Bay | $80.61 | 15.94% |
| Gramercy Park | $75.08 | 13.55% |
| Murray Hill | $69.26 | 12.26% |
| Greenwich Village | $66.36 | 28.14% |
| Chelsea | $64.10 | 12.34% |
| Times Square - Hell's Kitchen | $58.98 | 12.79% |
| Soho | $58.28 | 21.38% |
| Financial District | $54.46 | 19.15% |
| World Trade Center | $50.46 | 8.07% |
| Hudson Square | $49.64 | 22.24% |
| East Village | $47.42 | 8.84% |
| Harlem - North Manhattan | $46.97 | 22.40% |
| City Hall | $40.20 | 9.39% |
2025 Office Sales Volume
- $495.022025 Avg. Price per SF
- 21.51%Y-o-Y Avg. PpSF Change
- $8.1B2025 Office Sales Volume
- 732025 Number of Transactions
What is the average sale price per square foot for office space in Manhattan?
Average sale prices for office space in this market recorded a +21.51% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $495.02 per square foot. For comparison, the statewide New York average during the same time period stood at $395.22 per square foot, while the national average was $182.48 per square foot.
Manhattan, NY Sale Price per SF Trend
- Manhattan Avg. Sale Price per SF in 2025$495.02
- New York Avg. Sale Price per SF in 2025$395.22
What was the total office sales volume in Manhattan in 2025?
The local office market recorded 73 deals in 2025, adding up to a yearly sales volume of $8.1B.
- Manhattan, NY Total Office Sales Volume in 2025 $8.1B
- Manhattan, NY Total Number of Office Sales Closed in 2025 73
What were the largest office building sales in Manhattan in 2025?
The market’s largest transaction last year was the sale of 590 Madison Avenue for $1,080,000,000 on 8/18/2025. The next-highest sale was the transaction involving 1177 Avenue of the Americas, which traded for $572,290,300. The third-largest transaction was the sale of Sotheby’s World Headquarters for $510,000,000.
| Property name | Address | Date | Price |
|---|---|---|---|
| 590 Madison Avenue | 590 Madison Avenue | 8/18/2025 | $1,080,000,000 |
| 1177 Avenue of the Americas | 1177 Avenue of the Americas | 10/10/2025 | $572,290,300 |
| Sotheby’s World Headquarters | 1334 York Avenue | 10/15/2025 | $510,000,000 |
| Mutual of America Building | 320 Park Avenue | 1/7/2025 | $506,250,000 |
| 522 Fifth Avenue | 522 5th Avenue | 5/9/2025 | $456,000,000 |
2025 Office Construction in Manhattan, NY
- Manhattan, NY Total SF completed in 2025 3,334,927
- Manhattan, NY Total SF under construction in 2026 898,795
How much office space was built in Manhattan in 2025?
Looking forward, development activity in 2026 is estimated to add 898,795 square feet of office space to the market in total.
What are the largest recent office completions in Manhattan?
The largest recent office completion here is Sendero Verde at 1,183,630 square feet, completed in 2022. The next largest completions are 80 Pine Street and West End Labs.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 80 Pine Street | 80 Pine Street, 10005 | 1,104,184 | 2026 |
| 2005 Third Avenue | 2005 3rd Avenue, 10029 | 290,210 | 2026 |
| 1440 Amsterdam Avenue | 1440 Amsterdam Avenue, 10027 | 7,308 | 2026 |
| 1162 Broadway | 1162 Broadway, 10001 | 31,800 | 2024 |
| West End Labs | 125 West End Avenue, 10023 | 400,000 | 2023 |
| One High Line | 500 West 18th Street, 10011 | 58,000 | 2023 |
| Sendero Verde | 1691 Madison Avenue, 10029 | 1,183,630 | 2022 |
| 1245 Broadway | 1245 Broadway, 10001 | 200,000 | 2022 |
| 799 Broadway | 799 Broadway, 10003 | 176,588 | 2022 |
| Essex Crossing West | 145 Delancey Street, 10002 | 174,951 | 2022 |
See reports for other markets
- Brooklyn Office Rent Price
- Albany Office Rent Price
- Buffalo Office Rent Price
- Melville Office Rent Price
- White Plains Office Rent Price
- Hauppauge Office Rent Price
- Rochester Office Rent Price
- Philadelphia Office Rent Price
- Stamford Office Rent Price
- Princeton Office Rent Price
- Jersey City Office Rent Price
- Hackensack Office Rent Price
- Denver Office Rent Price
- Chicago Office Rent Price
- Seattle Office Rent Price
- Houston Office Rent Price
Disclaimer
All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor Yardi Research Data can guarantee that the information provided is complete.