New York City Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $59.43 2022 Avg. Asking Rent
  • 16.82% 2022 Office Vacancy Rate
  • $4.9B2022 Total Office Sales
  • $816.63Avg. Sale Price/SF

New York City office price per square foot in 2022 was $59.43 on average. The local office market recorded an average vacancy rate of 16.82% across all asset classes combined. The 20 transactions that closed here throughout 2022 amounted to a total sale volume of $4.9B. New York City office space commanded an average sale price per square foot of $816.63.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • New York City Class A & A+ Office Space$71.57
  • New York City Class B Office Space$52.18
  • New York City Class C Office Space$52.87
  • New York Class A & A+ Office Space$43.80
  • New York Class B Office Space$36.92
  • New York Class C Office Space$32.91

New York City, NY Office Asking Rents by Class

Average office rent in New York City rested at $59.43 per square foot in 2022. 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 New York City averaged $71.57 per square foot. Across all submarkets, class B office space recorded an average asking rent of $52.18 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $52.87 per square foot, on average. Comparably, statewide New York average office rents by class in 2022 were: $43.80 per square foot for class A office space; $36.92 per square foot for class B office space; $32.91 per square foot for class C office space.

2022 Office Vacancy Rates in New York City

Submarket Asking Rents Vacancy Rates
Hudson Square $86.65 16.71%
Soho $79.56 18.88%
Plaza District $72.54 15.43%
Greenwich Village $69.71 23.61%
Gramercy Park $65.42 20.37%
United Nations - Turtle Bay $62.74 13.67%
Murray Hill $61.08 18.92%
Times Square - Hell's Kitchen $59.43 18.44%
Financial District $54.91 19.68%
Harlem - North Manhattan $53.54 42.24%
Chelsea $49.04 14.30%
World Trade Center $46.17 11.25%
Tribeca $44.76 12.09%
City Hall $43.59 8.45%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the New York City market was 16.82% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in New York City was 8.45% in the City Hall submarket, while the highest office vacancy in the market was 42.24%, recorded in Harlem - North Manhattan.

Office Spaces for Rent in New York

New York City Office Sale Price per SF

  • $816.632022 Avg. Price per SF
  • -17.80%Y-o-Y Avg. PpSF Change
  • $4.9B2022 Office Sales Volume
  • 202022 Number of Transactions

New York City, NY Sale Price per SF Trend

  • New York City Avg. Sale Price per SF in 2022$816.63
  • New York Avg. Sale Price per SF in 2022$383.47
New York City office space cost in 2022 marked a -17.80% change compared to the previous year. The sale price for office space in New York City averaged $816.63 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $383.47 per square foot.

2022 Office Sales Volume

  • New York City, NY Total Office Sales Volume in 2022 $4.9B
  • New York City, NY Total Number of Office Sales Closed in 2022 20
A total of 20 deals closed on the New York City office market in 2022, adding up to a yearly sales volume of $4.9B. Notably, the largest transaction on the market saw 245 Park Avenue change hands for $1,769,901,000 on 9/27/2022.

Largest New York City Office Sales in 2022

Property name Address Date Price
245 Park Avenue 245 Park Avenue 9/27/2022 $1,769,901,000
450 Park Avenue 450 Park Avenue 6/30/2022 $445,000,000
1330 Avenue of the Americas 1330 Avenue of the Americas 11/28/2022 $320,000,000
475 Fifth Avenue 475 5th Avenue 5/24/2022 $291,000,000
95 Morton Street 95 Morton Street 7/12/2022 $288,238,000
Data provided by Commercial Edge

Coworking Spaces in New York

2022 Office Construction in New York City, NY

  • New York City, NY Total SF completed in 2022 6,969,275
  • New York City, NY Total SF under construction in 2023 6,562,697

During 2022, 6,969,275 square feet of new office space were delivered across the market. At the close of 2022, the New York City office inventory included 10 buildings equal to or larger than 25,000 square feet, which comprised 6,969,275 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 6,562,697 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in New York City
Office building Address SF Completed
Two Manhattan West Two Manhattan West, 10001 2,145,245 2023
One Madison Avenue 1 Madison Avenue, 10010 1,240,600 2023
West End Labs 125 West End Avenue, 10023 400,000 2023
Urban League Empowerment Center 121 West 125th Street, 10027 267,000 2023
Hatch Life Sciences 43-10 23rd Street, 11101 214,013 2023
Women's Center For Justice 1508 Coney Island Avenue, 11230 163,000 2023
2226 Third Avenue 2226 3rd Avenue, 10022 134,306 2023
8315 Parsons Blvd 8315 Parsons Blvd, 11432 32,000 2023
50 Hudson Yards 415 10th Avenue, 10001 2,900,000 2022
The Spiral 66 Hudson Boulevard, 10018 2,857,000 2022

Worth noting among recent office completions on the New York City market is Two Manhattan West, which is currently the largest new office development in the city, at 2,145,245 square feet.

Data provided by Commercial Edge

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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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market 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.