New York City Office Rent Price & Sales Report

2020 Office Space Rent & Sales

  • $85.56 2020 Avg. Asking Rent
  • 8.96% 2020 Office Vacancy Rate
  • $4.3B2020 Total Office Sales
  • $775.65Avg. Sale Price/Sqft

New York City office price per square foot in 2020 was $85.56 on average. The local office market recorded an average vacancy rate of 8.96% across all asset classes combined. The 20 transactions that closed here throughout 2020 amounted to a total sale volume of $4.3B. New York City office space commanded an average sale price per square foot of $775.65.

Average Rent by Office Class

2020 Average Office Rent per Square Foot

  • New York City Class A Office Space$93.65
  • New York City Class B Office Space$61.66
  • New York City Class C Office Space$51.94
  • New York Class A Office Space$68.40
  • New York Class B Office Space$34.41
  • New York Class C Office Space$25.31

New York City, NY Office Asking Rents by Class

Average office rent in New York City rested at $85.56 per square foot in 2020. 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 $93.65 per square foot. Across all submarkets, class B office space recorded an average asking rent of $61.66 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $51.94 per square foot, on average. Comparably, statewide New York average office rents by class in 2020 were: $68.40 per square foot for class A office space; $34.41 per square foot for class B office space; $25.31 per square foot for class C office space.

2020 Office Vacancy Rates in New York City

Submarket Asking Rents Vacancy Rates
Plaza District $114.41 10.17%
Times Square - Hell's Kitchen $88.16 9.77%
Soho $86.22 15.10%
Greenwich Village $85.68 10.47%
Tribeca $72.09 3.32%
United Nations - Turtle Bay $70.25 5.68%
World Trade Center $67.94 9.02%
Financial District $65.04 10.14%
Chelsea $64.59 7.19%
Murray Hill $62.36 7.95%
Gramercy Park $60.61 7.94%
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 8.96% in 2020. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in New York City was 3.32% in the Tribeca submarket, while the highest office vacancy in the market was 15.10%, recorded in Soho.

Office Spaces for Rent in New York

New York City Office Sale Price per Sqft

  • $775.652020 Avg. Price per Sqft
  • -5.36%Y-o-Y Avg. PpSF Change
  • $4.3B2020 Office Sales Volume
  • 202020 Number of Transactions

New York City, NY Sale Price per Sqft Trend

  • New York City Avg. Sale Price per Sqft in 2020$775.65
  • New York Avg. Sale Price per Sqft in 2020$467.28
New York City office space cost in 2020 marked a -5.36% change compared to the previous year. The sale price for office space in New York City averaged $775.65 per square foot in 2020, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $467.28 per square foot.

2020 Office Sales Volume

  • New York City, NY Total Office Sales Volume in 2020 $4.3B
  • New York City, NY Total Number of Office Sales Closed in 2020 20
A total of 20 deals closed on the New York City office market in 2020, adding up to a yearly sales volume of $4.3B. Notably, the largest transaction on the market saw 330 Madison Avenue change hands for $900,000,000 on 3/4/2020.

Largest New York City Office Sales in 2020

Property name Address Date Price
330 Madison Avenue 330 Madison Avenue 3/4/2020 $900,000,000
685 Third Avenue 685 3rd Avenue 1/7/2020 $451,250,000
Olivia, The 304 West 34th Street 4/1/2020 $446,500,000
1375 Broadway 1375 Broadway 7/16/2020 $435,000,000
530 Broadway 530 Broadway 3/10/2020 $382,000,000
Data provided by Commercial Edge

2020 Office Construction in New York City, NY

  • New York City, NY Total Sqft completed in 2020 3,419,753

During 2020, 3,419,753 square feet of new office space were delivered across the market. At the close of 2020, the New York City office inventory included 15 buildings equal to or larger than 25,000 square feet, which comprised 3,419,753 square feet of office space.

Largest Office Properties Recently Completed in New York City
Office building Address Sqft Completed
50 Hudson Yards 415 10th Avenue, 10001 2,900,000 2022
Morgan North 341 9th Avenue, 10199 2,200,000 2022
PENN 2 - Redevelopment 2 Pennsylvania Plaza, 10001 1,750,000 2022
The Farley Building 372 9th Avenue, 10001 850,000 2022
Textile Building - Redevelopment 295 5th Avenue, 10016 700,000 2022
CUNY/Hunter College Science and Health Professions Building 524 East 74th Street, 10021 403,000 2022
Pier 57 25 11th Avenue, 10011 354,450 2022
455-459 Smith Street 455-459 Smith Street, 11231 332,000 2022
Corporate Commons Three at The Teleport 1441 South Avenue, 10314 330,000 2022
The Paxton 532 Fulton Street, 11201 330,000 2022

Worth noting among recent office completions on the New York City market is 50 Hudson Yards, which is currently the largest new office development in the city, at 2,900,000 square feet.

Data provided by Commercial Edge

See reports for nearby markets

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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.