5,324 Office Spaces for Rent in Manhattan, NY
5,324 Office Spaces for Rent in Manhattan, NY
Asking prices vary based on the property location, rating, amenities such as proximity to restaurants, cafes, and entertainment venues, as well as convenience of access to public transport, airports, and thoroughfares.
The minimum rental rate for office space in Manhattan is $5.7 per square foot. Among listings of office space currently available for lease in Manhattan, the maximum rental rate is $330.62 per square foot.
For more details on Manhattan office space rent and sales prices, as well as overall market quality and new construction data, see Manhattan Office Market Trends.
Most experts recommend an average of between 75 and 150 square feet of office space per person. However, it is important to keep in mind that how much office space you ultimately need depends on your activity and how you need to use the space, as much as it does on how many people it should accommodate. If you already know what size office would best suit your needs, use the available space size filter at the top of the search page to focus your search on the best fit for you.
You’ll find a home for almost any size of business in Manhattan, as the local office market offers a wide range of options. Office spaces currently on the market go up to as much as 1,053,297 square feet in size for an individual listing.
However, there is a variety of differently sized opportunities below that maximum. For your consideration, the median size of an office space for lease in Manhattan is 6,000 square feet , and the average office space size here is 13,855 square feet.
You can find 5,324 office listing(s) for lease in Manhattan, which add up to a total of 70,461,330 square feet. Availability on the market includes a variety of office use types, such as General Office, Creative Office, Office Building, Medical Office, Showroom - Office.
The most common office use type currently available for lease in Manhattan is General Office, which is offered in 4,033 or 75.71% of listings. The second-most frequent office use type listed here is Creative Office, which account for 184 or 3.45% of office space currently available. On the other end of the spectrum, the office use type least common among local listings is Shared Space, which is available in 1 listing(s).
You can search 858 office sublease listing(s) in Manhattan, which amount to a total of 17,155,159 square feet. Sublease opportunities on the market include General Office, Creative Office, Showroom - Office. The Manhattan neighborhood or submarket with the most sublease listings available is Central Midtown.
The best choice of neighborhood for your office space will greatly depend on the elements that are most relevant to your business and your employees. However, a good criterion to start with is to look at the areas of the city that have the highest concentration of office properties, as these areas are generally well connected to transit options and have a good degree of amenity availability.
In Manhattan, the greatest concentration of office space for lease opportunities is in Central Midtown, Financial District, Garment District.
Each individual’s commuting experience will of course be different depending on a number of factors. Check the location description details for the office listings that catch your eye, to get an overview of walkability, access to public transport, the quality of infrastructure dedicated to biking commuters, as well as the proximity to parking facilities, fuel stations, and other essential amenities.
The Manhattan office market incorporates a mix of properties of various ages, ratings, construction grades, and other quality indicators. Roughly 47.97% of total office space listings in the city are in properties rated Class A. You will find the highest concentration of Class A office space in the Central Midtown neighborhood of Manhattan. Class B office space accounts for 38.75% of spaces listed on the leasing market. The neighborhood with the most Class B office space is Garment District. Class C office space makes up 4.28% of office space available in Manhattan.
Buildings completed in and since the year 2000 account for 8.03% of office properties in the city and incorporate a total of 88,842,580 square feet. About 0.72% of office space in Manhattan is in buildings that have been renovated at least once since 2000.
Out of the office space listings currently available in Manhattan, you can find 1583 LEED-certified or LEED-proposed option(s). A total of 314 building(s) here earned a LEED-certification — certification level Platinum (29), Gold (192), Silver (58). The local market includes 18 LEED-proposed office building(s) awaiting certification in Manhattan.
There are, of course, a lot of things to factor in when you are looking for office space. Aspects including the accessibility of the location, the quality of the facility, the size of the space, the convenience of nearby amenities, the type and duration of the lease, and of course the cost are all part of the search and decision process. For a quick checklist of what you should take into account when researching the market, consider these seven tips for choosing the best office location for your business. Alternatively, for a comprehensive take on everything to consider when looking for office space, see our in-depth guide to finding office space for small or growing companies. The guide also includes insights from seasoned professionals and can serve as a helpful resource for growing companies, no matter their current size.
Are you looking to lease office space in the vicinity of your current location or in a particular neighborhood of Manhattan? Using the interactive map, you can easily navigate to your preferred location and customize your search area around a specific point of interest. Select “Radius” from the Search Mode options menu, click on the map to set your search reference point, and expand the radius to select your desired search area. Browse available listings to find the best office space that meets your location, as well as other business needs.
There are a number of factors that make a city attractive for businesses to relocate or expand, as well as for investors to enhance their portfolios through local acquisitions. Among the most important factors to consider are the size and quality of the local office market, which is an essential component of the local economy.
|Building Size Range||Total Square Feet||Share of Total Office|
|100k to 500k Sq. Ft.||166,052,729 Sq. Ft.||29.03%|
|500k to 1M Sq. Ft.||119,865,019 Sq. Ft.||20.96%|
|> 1M Sq. Ft.||243,100,677 Sq. Ft.||42.51%|
|Class||Total Square Feet||Share of Total Office|
|Class A+||149,837,132 Sq. Ft.||26.2%|
|Class A||219,224,946 Sq. Ft.||38.33%|
|Class B||156,317,220 Sq. Ft.||27.33%|
|Class C||11,181,185 Sq. Ft.||1.96%|
When considering trophy office space in high-rise office towers, Manhattan is often the first thought for many people. That should come as no surprise, given the borough’s significance for the global economy, in general, as well as for investment banking and financial services, in particular.
Here, there’s more than 500 million square feet of office space, two-thirds of which is designated as trophy or Class A.
The Manhattan office market is defined by high density, low occupancy and positive absorption. The mammoth development project at Hudson Yards is providing the market with modern, A+ office space, while the classic architecture of Manhattan’s older neighborhoods is also a magnet for office-using businesses of all types.
Additionally, some of the world’s most iconic office buildings — such as the Empire State Building, the Chrysler Building and One World Trade Center — are also situated here.
The asset at 480 Broadway (also known as 40 Crosby), will be fully renovated and repositioned as a boutique luxury office building. The Crosby will be one of the most desirable Manhattan office space locations in the area. KPG plans to create a dedicated entrance on Crosby Street, highlighting the prime location to potential tenants. Interior improvements will focus on high-end, luxury, pre-built office space, as well as premier retail space along Broadway.
Signature Bank has more than doubled its footprint at 1400 Broadway, adding 168,310 square feet to its existing 111,872 square feet in the building owned by Empire State Realty Trust. Following the closing of this new, 15-year lease, the New York-based bank will pay an asking rent of roughly $67 per square foot for a total of 280,182 square feet of Manhattan office space spread across 10 floors.
New York is determined to invest in meeting the needs of life sciences companies that are interested in expanding or moving to the region. Accordingly, there was 2.9 million square feet of dedicated life sciences office space in Manhattan and Queens alone, with an additional 1.4 million more at various stages in the pipeline, as well as more than 15 life sciences clusters across the entire metropolitan area.
Microsoft signed a lease for 150,000 square feet of office space in the 10-story Flatiron District tower at 122 Fifth Ave. in Union Square. The tech giant will occupy roughly half of the property — floors six through 10, which were previously leased to Barnes & Noble.
Paramount Group secured two new leases at 1301 Avenue of the Americas with French bank Credit Agricole and Boston-based SVB Leerink. The two deals filled roughly 190,000 square feet of vacant office space in the 45-story building, which was more than 71% leased as of June 30.
Law firm Kaufman Borgeest & Ryan recently closed a 15-year lease deal at Global Holding’s 875 Third Ave. The company will occupy 27,000 square feet of prime Manhattan office space, marking a significant downsizing from its current 48,000-square-foot lease at Silverstein Properties’ 120 Broadway.
Demand for office space is yet to catch up to the supply in Manhattan’s office market in the aftermath of the COVID-19 pandemic. However, several finance and tech companies have seized the opportunity to expand their footprints in newly renovated or developed trophy office buildings as they push for a wider return to office for their employees.
The law firm will occupy the 17th through 20th floors in the 1.7-million-square-foot trophy tower located between 52nd and 53rd streets in Midtown Manhattan. The move is scheduled to occur in late 2024 or early 2025.
In the first three quarters of 2022, the nationwide office sales volume totaled $69.3 billion. It was led by Manhattan with transaction totals reaching $5.45 billion. Overall, office sales in the third quarter were down $6 billion from the previous three months and were halved compared to totals reached in the previous two years.
Marx Realty recently closed on three more lease deals with fintech companies at 10 Grand Central in Midtown
A group of investors, led by Empire Capital Holdings, has landed a $215 million loan from Deutsche Bank for a 40-story Manhattan office building. The move allows the joint venture — which also includes the likes of CH Capital Group, Creed Equities and Nassimi Realty — to finance its $320 million acquisition of 1330 Avenue of the Americas.
Newmark has brokered a financing deal totaling $150 million for the reconversion of the Textile Building in Midtown Manhattan.with Deutsche Pfandbriefbank — a German bank that specializes in real estate and public sector financing — as the lender.
The company will occupy the entire 25th floor, as well as parts of the 24th floor, in the 30-story Midtown office building for a total footprint of 46,000 square feet.
NYC is the site of seven of the 10 tallest projects that are proposed or under construction, including the entire top five. The first in terms of height will be the 1,663-foot-tall Affirmation Tower, a planned mixed-use skyscraper in Hudson Yards.
Global investment company KKR will be increasing its footprint at its Manhattan headquarters. The firm — which already occupies approximately 300,000 square feet of space at 30 Hudson Yards — signed a lease deal for an additional 200,000 square feet to move into the office space that social media giant Meta recently vacated.
With a sale price of $1.77 billion, 245 Park Ave. in Manhattan was last year’s most expensive office building sale by a considerable margin.
Competition is fierce at the top: Manhattan and Boston have been very close in terms of their sheer amount of square feet currently in the pipeline. Both are set to deliver close to 13 million square feet of new office space to their respective markets in the near future.
Rudin Management announced a new lease at its Midtown office building at 3 Times Square: Touro University signed a 30-year deal to expand its already-significant footprint in the 30-story building by an additional 66,000 square feet.
The 14-story Manhattan office tower had been jointly owned by five companies: GFP Real Estate, Newmark, Sorgente Group, ABS Partners Real Estate and Nathan Silverstein. When the property’s longtime anchor tenant moved out, the owners had conflicting views about the future of the building.
Marx Realty announced the signing of two new leases at 10 Grand Central: Law firm Lewis Baach Kaufmann Middlemiss and glass partition manufacturer MetroWall will be moving into the 432,381-square-foot Midtown office space.
Related Co. recently closed on a string of lease deals totaling roughly 77,000 square feet of prime Manhattan office space at 50 and 55 Hudson Yards.
The company will be relocating from its previous premises near the Penn Station area by the end of this year, when it will occupy 7,000 square feet of prime Midtown office space on the 16th floor of the Marx Realty-owned skyscraper. Asking rent was $82 per square foot.
After a quarter of a century spent at the 14 Penn Plaza, Mueser Rutledge Consulting Engineers (MRCE) has decided to continue calling the Midtown office building its home for the next 15 years. The structural engineering firm renewed its lease for 40,000 square feet of space at the Circle Realty Group-owned office tower.
Since its renovation work at Penn 1, Vornado managed to lease out 700,000 square feet in the 57-story building. The tenant roster includes the likes of Dell, Empire Heath, Gusto, Hartford Insurance, Jacobs Engineering, Morgan Stanley and Wells Fargo.
Tower 40 — a 431,350-square-foot Manhattan office space — recently signed agreements for four new leases totaling roughly 47,160 square feet. Formerly known as Chase Tower, the property is located at 10 E. 40th St. and is currently owned by Madison International Realty in partnership with Joseph P. Day Realty.
Japanese real estate developer Mori Trust acquired a minority share in 245 Park Ave., a 44-story Midtown office space acquired by SL Green Realty in a bankruptcy sale last year.
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