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Office Space for Rent in Manhattan, NY - 1,711 Listings

Manhattan, NY - Office Space for Lease

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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: 523,214,869 SF

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

By square footage range:

  • 50k to 100k SF: 27,029,250 SF / 5.17% of total office
  • 100k to 500k SF: 157,160,746 SF / 30.04% of total office
  • 500k to 1M SF: 118,805,536 SF / 22.71% of total office
  • > 1M SF: 220,219,337 SF / 42.09% of total office

By class:

  • Class A+: 140,751,986 SF / 26.9% of total office
  • Class A: 205,744,258 SF / 39.32% of total office
  • Class B: 146,996,774 SF / 28.09% of total office
  • Class C: 8,185,009 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
15 Penn Plaza 401 7th Avenue, 10001 3,000,000 n/a
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
The Spiral 66 Hudson Blvd, 10001 2,850,000 2022
Empire State Building 350 5th Avenue, 10118 2,821,770 1931

Most Recently-Built Office Buildings

in Manhattan

Office building Address Sqft Year built
Tata Innovation Center 11 East Loop Road, 10044 230,000 2017
The Assemblage - NoMad 114 East 25th Street, 10010 48,000 2017
190 Bowery 190 Bowery, 10012 38,000 2017
10 Hudson Yards 501 West 30th Street, 10001 1,754,476 2016
855 Avenue of the Americas 855 Avenue of the Americas, 10001 532,076 2016
1460 Broadway 1460 Broadway, 10036 214,341 2016
34 East 51st Street 34 East 51st Street, 10022 75,000 2016
550 5th Avenue 550 5th Avenue, 10036 68,029 2016
433 Broadway 433 Broadway, 10013 37,000 2016
425 East 53rd Street 425 East 53rd Street, 10022 34,125 2016

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 Population1,596,619
  • Male Population(47.2 %) 753,990
  • Female Population(52.8 %) 842,629
  • Median Age35.80

Income/Financial

  • Average Household Income$115,804
  • Median Household Income$100,200
  • Median Income Under 25$50,246
  • Median Income 25-44$117,258
  • Median Income 45-64$99,710
  • Median Income Over 65$50,804

News

Executive Summary Manhattan office market closes Q3 with $4.4B in sales volume prices reach $908 per square foot, mark best Q3 since 2016 Kushner and Brookfield strike $1.3B deal for 666 5th Ave. 1.4 MSF 55 Hudson Yards ready to come online in Q4 After reaching new highs during 2015 and 2016 in ...

We’re almost halfway through H2 2018, and it’s high time to check up on construction activity, as well as the state of the U.S. office pipeline when compared to previous analyses. Last year around the same time, we looked at top U.S. cities for office delivery during the fall-winter season, and ...

Last year, the U.S. dropped to last place on a list female participation in the labor force in leading industrialized economies, falling behind Japan. This development marked a dramatic shift for the U.S., which was in a leading position in the late 1990s―with roughly 76.7% of women ages 25-54 a...