2023 Office Space Rent & Sales
- $33.05 2023 Avg. Asking Rent
- -0.18% Y-o-Y Avg. Asking Rent Change
- 16.82% 2023 Office Vacancy Rate
Melville office price per square foot in 2023 was $33.05 on average. This marked a -0.18% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.82% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Melville Class A & A+ Office Space$35.64
- Melville Class B Office Space$33.00
- Melville Class C Office Space$19.50
- New York Class A & A+ Office Space$64.56
- New York Class B Office Space$36.62
- New York Class C Office Space$45.97
Melville, NY Office Asking Rents by Class
Average office rent in Melville rested at $33.05 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Melville averaged $35.64 per square foot. Across all submarkets, class B office space recorded an average asking rent of $33.00 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.50 per square foot, on average. Comparably, statewide New York average office rents by class in 2023 were: $64.56 per square foot for class A office space; $36.62 per square foot for class B office space; $45.97 per square foot for class C office space.
Coworking Spaces in New York
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2023 Office Construction in Melville, NY
Office building | Address | SF | Completed |
---|---|---|---|
1860 Walt Whitman Road | 1860 Walt Whitman Road, 11747 | 42,000 | 2009 |
RXR Executive Park - 68 South Service Road | 68 South Service Road, 11747 | 307,754 | 2006 |
40 Marcus Drive | 40 Marcus Drive, 11747 | 90,390 | 2005 |
RXR Executive Park - 58 South Service Road | 58 South Service Road, 11747 | 285,571 | 2002 |
Melville Corporate Center I | 105 Maxess Road, 11747 | 149,000 | 2001 |
Three Greenway Plaza | 155 Pinelawn Road, 11747 | 102,000 | 2000 |
525 Broadhollow Road | 525 Broadhollow Road, 11747 | 110,900 | 1998 |
41 Pinelawn Road | 41 Pinelawn Road, 11747 | 62,234 | 1995 |
Melville Richard Meier Office Building | 41 Pinelawn Road, 11747 | 60,217 | 1994 |
The Melville Office Plaza | 175 Pinelawn Road, 11747 | 103,192 | 1990 |
Worth noting among recent office completions on the Melville market is 1860 Walt Whitman Road, which is currently the largest new office development in the city, at 42,000 square feet.
See reports for other markets
- Manhattan Office Rent Price
- Brooklyn Office Rent Price
- Albany Office Rent Price
- Buffalo Office Rent Price
- White Plains Office Rent Price
- Hauppauge Office Rent Price
- Rochester Office Rent Price
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Melville commercial properties sized 25,000 square feet or larger.
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 CommercialEdge can guarantee that the information provided is complete.