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Manhattan, NY Office Overview

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Manhattan is the most densely populated borough of New York City and includes the submarkets of Downtown/Lower Manhattan, Midtown Manhattan, and Uptown/Upper Manhattan. The market has a significant impact on global commerce, with the Manhattan, N.Y. commercial real estate market being powered by the finance, media, art, fashion, entertainment and technology industries.

As of mid-2017, the office market in Manhattan contains over 465 million square feet of existing office space in properties larger than 50,000 square feet. Home to Wall Street and the Financial District, the commercial real estate market in Manhattan is one of the strongest in the world.

Manhattan, NY Office Inventory Description

During the first few months of this year, leasing activity in Downtown Manhattan alone has surpassed 2.3 million square feet in transaction volume. The existing office inventory in Manhattan consists of 1,285 buildings and over 465 million square feet of Manhattan office space - 68% of which is Class A+ or Class A office space, and nearly 31% Class B office inventory.

Home to the financial center of the world and the World Trade Center, leasing transactions in Lower Manhattan continue to drive the vacancy rates down. Recent Lower Manhattan leasing activity at 200 Vesey Street, 28 Liberty Street and 1 Liberty Plaza alone account for over 1 million square feet of space leased.

The office submarkets of Manhattan are as diverse as the people, business and industry in New York and include neighborhoods such as Chelsea, the Flatiron and Garment Districts, Murray Hill and Soho. Office buildings in Chelsea, such as 5 Manhattan West and the Iron Works, continue to command top dollar for rents, as does 8 West 40th Street in the Garment District.

Manhattan, NY Commercial Inventory Breakdown

Office Spaces

Total: 520,654,792 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 27,147,888 SF / 5.21% of total office
  • 100k to 500k SF: 157,225,679 SF / 30.2% of total office
  • 500k to 1M SF: 118,224,608 SF / 22.71% of total office
  • > 1M SF: 218,056,617 SF / 41.88% of total office

By class:

  • Class A+: 140,401,986 SF / 26.97% of total office
  • Class A: 207,177,809 SF / 39.79% of total office
  • Class B: 145,913,661 SF / 28.03% of total office
  • Class C: 8,133,659 SF / 1.56% of total office

Top 10 Largest Office Buildings

in Manhattan

Office building Address Sqft Year built
55 Water Street 55 Water Street, 10004 3,642,167 1973
2 World Trade Center 200 Greenwich Street, 10006 3,132,378 n/a
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
50 Hudson Yards 415 10th Avenue, 10001 2,900,000 2022
Empire State Building 350 5th Avenue, 10118 2,821,770 1931
The Spiral 66 Hudson Blvd, 10001 2,800,000 2022
3 World Trade Center 175 Greenwich Street, 10006 2,800,000 2018

Most Recently-Built Office Buildings

in Manhattan

Office building Address Sqft Year built
3 World Trade Center 175 Greenwich Street, 10006 2,800,000 2018
55 Hudson Yards 550 West 34th Street, 10001 1,278,997 2018
375 Pearl 375 Pearl Street, 10038 1,149,500 2018
787 11th Avenue 787 11th Avenue, 10019 550,000 2018
NYU Langone Medical Center Science Building 435 East 30th Street, 10016 365,000 2018
413W14 & 412W15 412 West 15th Street, 10011 239,747 2018
512W22 510 West 22nd Street, 10011 172,700 2018
540 West 26th Street 540 West 26th Street, 10001 166,810 2018
Sixty One 61 9th Avenue, 10011 165,741 2018
363 Lafayette 363 Lafayette Street, 10012 38,735 2018

Manhattan, NY Green Office Space

Employment

Less than 1% of the office buildings in Manhattan are LEED certified, which some may find surprising, given that this is what many would argue is the #1 office market in the world. But as home to the global financial center of Wall Street and the United Nations Headquarters green office space in Manhattan is a trend that is continuing to grow..

Along the Avenue of the Americas, the Time-Life Building at 1271 Avenue Of The Americas holds a LEED-silver certification and the Hearst Tower at 300 West 57th Street in Midtown became the first LEED-platinum commercial office buildings in Manhattan. Tenants seeking Class A space are more likely to demand LEED certified office space in Manhattan from landlords, as the Leadership in Energy and Efficiency Design designation emphasizes an overall efficiency status..

The 2017 National Green Building Adoption Index looked at commercial office properties in 30 major U.S. markets and found that, including EPA Energy Star-labeled buildings, the percentage of green certification has increased from under 5% in 2005 to 38% as of mid-2017.

Manhattan, NY’s Top Office-Using Sectors

The Manhattan office market remains robust, due to its status as the cultural, financial, media and entertainment capital of the world. Global investors from all parts of the world are attracted to Manhattan and help contribute to the metropolitan area's annual gross domestic product of over $1.2 billion.

Class A office buildings in Manhattan larger than 50,000 square feet see continuous demand from both investors and tenants in the major business sectors of finance, corporate headquarters, technology and bio-tech, tourism, media and real estate.

  • Finance – As headquarters for the U.S. financial industry, Lower Manhattan is home to NASDAQ, New York Stock Exchange, and New York Board of Trade, which greatly contribute to Manhattan, New York’s high rate of white collar office-working employment.
  • Corporate Headquarters – Manhattan, NY is home to the greatest number of corporate headquarters of any city in the U.S., with companies such as American Express and Bank of America.
  • Technology & Bio-Tech – The Manhattan office market has evolved into the nation's “Silicon Alley,” with Verizon Communications, Pfizer and Eli Lilly Company as just three examples.
  • Tourism & Real Estate – Manhattan is home to some of the world's most valuable office buildings, including Time Warner Center and the Waldorf Astoria New York hotel.
  • Media – World-renowned publications such as the New York Times, the Wall Street Journal and the Village Voice all call Manhattan home.

Manhattan Demographics

Population

  • Total Population1,619,886
  • Male Population(47.3 %) 766,241
  • Female Population(52.7 %) 853,645
  • Median Age36.40

Income/Financial

  • Average Household Income$124,909
  • Median Household Income$106,056
  • Median Income Under 25$48,990
  • Median Income 25-44$132,284
  • Median Income 45-64$102,656
  • Median Income Over 65$44,277

News

7 Inspiring US Coworking Concepts

7 Inspiring US Coworking Concepts

February 13, 2019

In an increasingly entrepreneurial economy, flexible workspace has grown rapidly to account for one third of office leasing in the last year and a half. Check out these 7 unique U.S. coworking spaces and brands that still stand out and inspire!

Office Building of the Week: The Rockefeller Center Building Complex

Office Building of the Week: The Rockefeller Center Building Complex

January 16, 2019

This week we look at all the components of what is perhaps New York City’s most recognizable landmarks – the Rockefeller Center building complex.

Manhattan Office Sales Close Q4 2018 at Just $3.5B

Manhattan Office Sales Close Q4 2018 at Just $3.5B

January 15, 2019

The final quarter of 2018 concluded the year in an uneventful fashion for the Manhattan office sales market.