Office Rental Market
- $78.80 2019 Avg. Asking Rent
- 7.03 % 2019 Avg. Vacancy Rate
- 4,470,810 2019 Office Completions (Sqft)
- 19,397,600 2020 Estimated Pipeline (Sqft)
Average Office Asking Rents by Class
2019 Average Office Rent per Square Foot
- New York City Class A Office Buildings$84.80
- New York City Class B Office Buildings$63.50
- New York City Class C Office Buildings$53.15
- NY Class A Office Buildings$71.98
- NY Class B Office Buildings$36.81
- NY Class C Office Buildings$24.83
New York City, NY Office Asking Rents by Class
Office asking rents vary across the New York City office market depending on several factors, one of which is property class. While rents for Class A office buildings in New York City averaged $84.80 per square foot in 2019, Class B office properties garnered average rental rates of $63.50 per square foot. Rental rates for Class C office property in New York City averaged $53.15 per square foot. On a statewide level, Class B office space rents averaged $36.81 per square foot, while rents for Class A office space across New York averaged $71.98 per square foot. On average, Class C office properties in New York commanded rents of $24.83 per square foot.
2019 OFFICE VACANCY RATES
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Chelsea | $101.14 | 4.81 % |
| Greenwich Village | $89.84 | 7.03 % |
| Soho | $89.31 | 5.74 % |
| Plaza District | $87.65 | 5.96 % |
| Times Square - Hell's Kitchen | $86.78 | 5.60 % |
| United Nations - Turtle Bay | $72.66 | 4.35 % |
| World Trade Center | $71.66 | 7.02 % |
| Gramercy Park | $69.72 | 4.47 % |
| Murray Hill | $67.44 | 5.93 % |
| Tribeca | $67.44 | 2.78 % |
| Hudson Square | $67.35 | 3.81 % |
| Financial District | $67.16 | 7.56 % |
- The lowest office vacancy rate in 2019 in New York City was 2.78 % in the Tribeca submarket, where asking rents averaged $67.44.
- The highest office vacancy rate in 2019 in New York City was 7.56 % in the Financial District submarket, where asking rents averaged $67.16.
OFFICE CONSTRUCTION IN New York City, NY
- New York City, NY Total Sqft completed in 2019 4,470,810
- New York City, NY Total Sqft under construction in 2020 19,397,600
| Building name | Address | Total Sqft | Year built |
|---|---|---|---|
| Industry City at Bush Terminal | 892 3rd Avenue, 11232 | 7,050,000 | 2013 |
| 55 Water Street | 55 Water Street, 10004 | 3,642,167 | 1973 |
| One World Trade Center | One World Trade Center, 10023 | 3,500,000 | 2014 |
| One World Trade Center | 1 World Trade Center, 10006 | 3,100,000 | 2014 |
| MetLife Building | 200 Park Avenue, 10166 | 3,078,513 | 1963 |
| 111 Eighth Avenue | 111 8th Avenue, 10011 | 2,950,000 | 1931 |
| 30 Rockefeller Plaza | 30 Rockefeller Plaza, 10112 | 2,900,000 | 1932 |
| The G E Building | 30 Rockefeller Plaza, 10112 | 2,821,896 | 1932 |
| Empire State Building | 350 5th Avenue, 10118 | 2,821,770 | 1931 |
| 3 World Trade Center | 175 Greenwich Street, 10006 | 2,800,000 | 2018 |
| Office building | Address | Sqft | Completed |
|---|---|---|---|
| One Vanderbilt | 1 Vanderbilt Avenue, 10017 | 1,755,814 | 2020 |
| The Jacx | 28-07 Jackson Avenue, 11101 | 1,200,000 | 2020 |
| The Farley Building | 372 9th Avenue, 10001 | 870,000 | 2020 |
| The Wheeler | 181 Livingston Street, 11201 | 844,378 | 2020 |
| The David H. Koch Center for Cancer Care | 530 East 74th Street, 10021 | 750,000 | 2020 |
| 1 Willoughby Square | 420 Albee Square West, 11201 | 500,000 | 2020 |
| Taystee Lab Building | 450 West 126th Street, 10027 | 350,091 | 2020 |
| The Dime | 263 South 5th Street, 11211 | 350,000 | 2020 |
| Hudson Research Center - Renovation | 619 West 54th Street, 10019 | 326,861 | 2020 |
| Trinity Commons | 76 Trinity Place, 10006 | 317,288 | 2020 |
Office Spaces for Rent in New York
NEW YORK CITY OFFICE SALES TRENDS
- $818.512019 Avg. Price per Sqft
- -8.93 %Y-o-Y Avg. PpSF Change
- $9.4B2019 Office Sales Volume
- 432019 Number of Transactions
In 2019, office sales in New York City averaged $818.51 per square foot. This marked a -8.93 % decrease in office price per square foot, compared to the previous year. A total of 43 office sales closed on the New York City office market in 2019, amounting to a total sales volume of $9.4B.
Average Office Sale Price per Sqft
New York City, NY Sales Trends
- New York City Price per Sqft$818.51
- New York Price per Sqft$554.66
Office Sales - Trend and Volume
- New York City, NY Total Office Sales Volume in 2019 $9.4B
- New York City, NY Total Number of Office Sales Closed in 2019 43
Largest New York City Office Sales in 2019
| Property name | Address | Date | Price |
|---|---|---|---|
| 711 5th Avenue | 711 5th Avenue | 9/3/2019 | $909,267,500 |
| 195 Broadway | 195 Broadway | 9/17/2019 | $842,105,300 |
| Milk Building, The | 450 West 15th Street | 5/30/2019 | $591,800,000 |
| One Dag Hammarskjold Plaza | 885 2nd Avenue | 1/8/2019 | $565,754,400 |
| 850 Third Avenue | 850 3rd Avenue | 1/24/2019 | $422,000,000 |
The New York City office market contains an inventory of 500,886,800 square feet of office space, in 1,707 buildings that are equal to or larger than 25,000 square feet.
This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive knowledge on all New York City 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.