NYC, NY - Office Market Overview
New York City is comprised of the Bronx, Brooklyn, Manhattan, Queens, and Staten Island commercial real estate submarkets. These are also the five boroughs of New York City, and make up the entire NYC region. Demand for office space in New York City is among the strongest in the world.
The most recent report from the Office of the New York State Comptroller shows that, as of 2016, there was approximately 550 million square feet of office space in New York City. The commercial real estate market in New York City sees tremendous demand from a variety of business sectors, including the finance, real estate, and healthcare industries.
NYC, NY - Office Inventory Description
With office employment in New York City accounting for about one-third of the 4.3 million jobs in the City, it may come as no surprise to learn that the amount of office space in just the Midtown and Downtown Manhattan business districts of New York City is three times larger than Chicago and twice as large as London. Class A office space in New York City comprises almost 66% of the total office inventory in NYC, bringing over 350 million square feet of Class A or A+ office inventory to New York City's commercial real estate market.
With over 1,500 office buildings in New York City larger than 50,000 square feet, it's difficult to choose favorites. Some of the more notable office properties in the City include 270 Madison Avenue in the Murray Hill neighborhood, Forty One Madison in the NoMad neighborhood, and Brookfield Place - 200 Vesey Street in the Battery Park City area of New York.
New York City, NY Commercial Inventory Breakdown
Total: 586,768,103 SF
By square footage range:
- 50k to 100k SF: 34,480,039 SF / 5.88% of total office
- 100k to 500k SF: 182,072,316 SF / 31.03% of total office
- 500k to 1M SF: 135,180,238 SF / 23.04% of total office
- > 1M SF: 235,035,510 SF / 40.06% of total office
- Class A+: 140,751,986 SF / 23.99% of total office
- Class A: 236,820,278 SF / 40.36% of total office
- Class B: 170,893,456 SF / 29.12% of total office
- Class C: 10,029,482 SF / 1.71% of total office
Top 10 Largest Office Buildings
|Office building||Address||Sqft||Year built|
|Industry City at Bush Terminal||892 3rd Avenue, 11232||7,050,000||2013|
|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|
|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
|Office building||Address||Sqft||Year built|
|Brooklyn Navy Yard - Building 77||63 Flushing Avenue, 11205||1,000,000||2017|
|Pioneer Building||41 Flatbush Avenue, 11217||260,865||2017|
|Tata Innovation Center||11 East Loop Road, 10044||230,000||2017|
|Flushing Commons Office Building||136-35 39th Avenue, 11354||164,000||2017|
|620 Fulton Street||620 Fulton Street, 11217||132,900||2017|
|The Jefferson||455 Jefferson Street, 11237||125,000||2017|
|The Box Factory||1519 Decatur Street, 11385||65,837||2017|
|815 Broadway||815 Broadway, 11206||50,000||2017|
|2361 Nostrand Avenue||2361 Nostrand Avenue, 11210||50,000||2017|
|The Assemblage - NoMad||114 East 25th Street, 10010||48,000||2017|
NYC, NY - Green Office Space
In a commercial real estate market this large, the amount of green office space in New York City is strong and growing. There are over 1,200 LEED Green, Silver, Gold, or Platinum certifications, including those that are just recently registered. The 2017 National Green Building Adoption Index reports that, across the top 30 U.S. office markets, the percentage of green office space has grown from less than 5% in 2005 to about 38% by 2017. That growth is an astounding seven-fold increase in just 12 years.
One of the many examples of LEED-certified office buildings in New York City is the One World Trade Center. Located in the Manhattan Financial District commercial real estate submarket, this office building was completed in 2014 and brings 3 million square feet of Class A LEED Gold-certified office space to the New York City green office market.
NYC, NY's Top Office-Using Sectors
The New York City commercial real estate and Class A office markets see both national and international demand for office space from the top office-using sectors in New York City of the financial services, high technology, real estate & insurance, and healthcare industries.
- Financial Services – The New York Stock Exchange and NASDAQ are two of the many representative industry institutions that generate a significant amount of white-collar office employment in NYC.
- High Technology – Google is just one of the high-tech companies that have offices in the Silicon Alley section of New York City.
- Real Estate – Some of the most expensive real estate in the U.S. is located in New York City, with commercial real estate brokerages such as CBRE Midtown Manhattan and Colliers International generating demand for white-collar office space in New York.
- Healthcare – this is NYC’s second-largest employment industry sector, with Bristol Myers Squibb, ImClone Systems, Pfizer, and Regeneron being just a few of the businesses that help drive the commercial real estate market in New York City.
New York City Demographics
- Total Population8,426,743
- Male Population(47.6 %) 4,015,044
- Female Population(52.4 %) 4,411,699
- Median Age35.80
- Average Household Income$85,704
- Median Household Income$53,373
- Median Income Under 25$34,542
- Median Income 25-44$64,169
- Median Income 45-64$57,639
- Median Income Over 65$31,615
NYC Virtual Reality Champions That Will Make Your Listings Pop
December 04, 2018
Many businesses are starting to realize that Virtual Reality and Augmented Reality are about to shake up existing marketing practices. In the real estate industry, brokers and property managers who want to stay ahead are supplementing high-resolution shots of their listed properties with virtual...
Your Work Week Could Be 10 Hours Shorter in Dallas or Houston – What’s it Like to Live and Work as a Freelancer in These US Cities?
November 27, 2018
Highlights: Working a 29-Hour Week in KCMO Will Get Your Very Own Private Office Want to Be a Freelancer in Silicon Valley? You’d Better Start Looking for a Roommate Average-Earning Freelancers Would Need to Work 79 Hours per Week to Support Themselves in Boston Customize expenses and working ho...
Office Building of The Week: Chrysler Building – NYC
November 26, 2018
This week we check out one of NYC’s most iconic skyscrapers – the Chrysler Building. With its decorative elements reminiscent of chrome-accented automobiles from the 1920s, a sunburst-patterned stainless steel rooftop spire, and fearsome gargoyles hanging tens of stories above street...