Manhattan, NY Office Overview
Manhattan is the most densely populated borough of New York City and includes the submarkets of Downtown Manhattan and Midtown Manhattan. The market has a significant impact on global commerce, with the commercial real estate market being powered by the finance, media, art, fashion, entertainment and technology industries.
As of mid-2017, the market contains over 465 million square feet of existing space in properties larger than 50,000 square feet. Home to Wall Street and the Financial District, the commercial real estate market here 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 inventory consists of 1,285 buildings and over 465 million square feet of office space - 68% of which is Class A+ or Class A, and nearly 31% Class B 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 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 are as diverse as the people, business and industry in New York and include neighborhoods such as Chelsea, Harlem, TriBeCa 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. The developments in the Hudson Yards neighborhood also contribute to local inventory.
Manhattan, NY Commercial Inventory Breakdown
Office Spaces
Total: 545,637,925 SF
By square footage range:
- 50k to 100k SF: 29,482,185 SF / 5.4% of total office
- 100k to 500k SF: 165,474,025 SF / 30.33% of total office
- 500k to 1M SF: 122,576,323 SF / 22.46% of total office
- > 1M SF: 228,105,392 SF / 41.81% of total office
By class:
- Class A+: 143,834,355 SF / 26.36% of total office
- Class A: 218,064,560 SF / 39.97% of total office
- Class B: 146,946,010 SF / 26.93% of total office
- Class C: 8,842,152 SF / 1.62% of total office
Top 10 Largest Office Buildings
in Manhattan
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| One World Trade Center | One World Trade Center, 10023 | 3,500,000 | 2014 |
| 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 |
| Empire State Building | 350 5th Avenue, 10118 | 2,821,770 | 1931 |
| 3 World Trade Center | 175 Greenwich Street, 10006 | 2,800,000 | 2018 |
| 30 Hudson Yards | 500 West 33rd Street, 10001 | 2,776,902 | 2019 |
| The Empire State Building | 350 Fifth Avenue, 10118 | 2,700,000 | 1931 |
| Paramount Plaza | 1633 Broadway, 10019 | 2,643,066 | 1972 |
Largest Office Properties Recently Completed
in Manhattan
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| The Farley Building | 372 9th Avenue, 10001 | 859,600 | 2021 |
| 425 Park Avenue | 425 Park Avenue, 10022 | 688,461 | 2021 |
| Pier 57 | 25 11th Avenue, 10011 | 354,450 | 2021 |
| Taystee Lab Building | 450 West 126th Street, 10027 | 350,091 | 2021 |
| 345 Park Avenue South | 345 Park Avenue South, 10010 | 309,000 | 2021 |
| Zero Irving | 124 East 14th Street, 10003 | 276,272 | 2021 |
| The Radio Tower & Hotel | 2420 Amsterdam Avenue, 10033 | 246,102 | 2021 |
| 1245 Broadway | 1245 Broadway, 10001 | 186,149 | 2021 |
| 799 Broadway | 799 Broadway, 10003 | 182,187 | 2021 |
| 28 & 7 | 322 7th Avenue, 10001 | 105,000 | 2021 |
Manhattan, NY Green Office Space
Less than 1% of the office buildings in the borough are LEED certified, which some may find surprising, given that this is what many would argue is the #1 office market in the world. However, the amount of green inventory has been increasing as of late.
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 building in the area. Tenants seeking Class A space are more likely to demand LEED certified space 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 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 buildings 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 white-collar employment.
- Corporate Headquarters – The borough 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 market has evolved into the nation's “Silicon Alley,” with Verizon Communications, Pfizer and Eli Lilly Company as just three examples.
- Tourism & Real Estate – The area 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.
Frequently Asked Questions
How much does office space cost in Manhattan, NY?
The average office rental rate in Manhattan, NY is $57.54 per square foot. Asking prices vary based on the property’s location, overall rating, amenities, proximity to restaurants, cafes and entertainment venues, as well as public transport, airports and highways. Check Manhattan Office Market Trends for more stats.
What is the size of available office spaces in Manhattan, NY?
The Manhattan, NY office market can accommodate various businesses, sporting a range of office space availabilities. The average size of office space availabilities is 900,039 square feet. If you’re just starting out as a company or as an entrepreneur, the smallest available office space in Manhattan, NY is 77 square feet, while the maximum rentable space on the market now is 1,800,000 square feet.
How do I get office space in Manhattan, NY?
Start your search for office space in Manhattan, NY by using our filters that allow you to find the best space for your business needs. Filter listings by location, property size, available space or lease rate. Property pages will offer details about an office building’s rating, year built, availabilities, price per square foot and more. After drawing up a shortlist, make sure you contact the listed broker(s) to schedule a viewing and begin the negotiation process for your lease contract.
How many office listings are available in Manhattan, NY?
There are 2,362 office listings on the Manhattan, NY market. See all available office spaces for rent.
Where to rent an office space in Manhattan, NY?
Popular Manhattan neighbourhoods with available office spaces include Midtown Manhattan, Downtown Manhattan and Central Midtown.
What other property types are available for lease in Manhattan, NY?
In addition to traditional office spaces, commercial real estate listings on our platform also include coworking & shared office space options, retail spaces, industrial buildings, warehouses, distribution facilities, and more.
Manhattan Demographics
Population
- Total Population1,597,673
- Male Population(47.4 %) 756,559
- Female Population(52.6 %) 841,114
- Median Age36.90
Income/Financial
- Average Household Income$137,976
- Median Household Income$118,161
- Median Income Under 25$57,634
- Median Income 25-44$138,170
- Median Income 45-64$132,154
- Median Income Over 65$55,756
News
A developer’s dream 20 years in the making, SL Green and KPF’s One Vanderbilt is, at last, officially open for business. The newest skyscraper in town incorporates 1.7 million square feet of class A Manhattan office space and is nearly 70% leased.
FTI Consulting — a NYSE-listed financial advisory company — inked a 15-year lease for a 120,000-square-foot space at 1166 Avenue of the Americas, a Class A office space in Midtown Manhattan. The deal allows FTI to consolidate multiple offices into the former International Paper Building — just a...
Facebook’s decision to sign a 730,000-square-foot lease at Vornado’s Farley Building gave a long-awaited vote of confidence in the post-pandemic future of New York City’s commercial real estate. While it already boasts a nearly 3-million-square-foot presence in Manhattan — including 1.5 million ...