New York City, NY Office 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 here 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 were approximately 550 million square feet of office space in the metro. The commercial real estate market in the city sees tremendous demand from a variety of business sectors, including the finance, real estate, and healthcare industries.
New York City, 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 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 inventory, bringing over 350 million square feet of Class A or A+ space 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 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.
New York City, NY Commercial Inventory Breakdown
Office Spaces
Total: 618,577,850 SF
By square footage range:
- 50k to 100k SF: 40,736,281 SF / 6.59% of total office
- 100k to 500k SF: 194,902,826 SF / 31.51% of total office
- 500k to 1M SF: 139,057,434 SF / 22.48% of total office
- > 1M SF: 243,881,309 SF / 39.43% of total office
By class:
- Class A+: 142,796,811 SF / 23.08% of total office
- Class A: 247,117,420 SF / 39.95% of total office
- Class B: 176,076,849 SF / 28.46% of total office
- Class C: 11,576,607 SF / 1.87% of total office
Top 10 Largest Office Buildings
in New York City
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| 55 Water Street | 55 Water Street, 10004 | 3,642,167 | 1973 |
| 111 Eighth Avenue | 111 8th Avenue, 10011 | 2,950,000 | 1931 |
| 50 Hudson Yards | 415 10th Avenue, 10001 | 2,900,000 | 2022 |
| The Spiral | 66 Hudson Blvd, 10001 | 2,800,000 | 2022 |
| 15 Penn Plaza | 401 7th Avenue, 10001 | 2,800,000 | n/a |
| 3 World Trade Center | 175 Greenwich Street, 10006 | 2,800,000 | 2018 |
| 2 World Trade Center | 200 Greenwich Street, 10006 | 2,800,000 | n/a |
| Paramount Plaza | 1633 Broadway, 10019 | 2,643,066 | 1972 |
| One New York Plaza | 1 New York Plaza, 10004 | 2,583,000 | 1969 |
| 4 World Trade Center | 4 World Trade Center, 10006 | 2,500,000 | 2013 |
Most Recently-Built Office Buildings
in New York City
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Bridgedale Plaza | 24-02 49th Avenue, 11101 | 828,558 | 2019 |
| 35 Hudson Yards | 560 West 33rd Street, 10001 | 556,968 | 2019 |
| 25 Kent | 25 Kent Avenue, 11249 | 511,161 | 2019 |
| Ten Grand Street | 1 South 1st Street, 11249 | 436,135 | 2019 |
| The Malt House | 461 West 126th Street, 10027 | 200,000 | 2019 |
| Hillside Commons | 178-02 Hillside Avenue, 11101 | 176,130 | 2019 |
| 101 Pennsylvania | 101 Pennsylvania Avenue, 11207 | 160,000 | 2019 |
| Solar Carve Tower | 40 10th Avenue, 10014 | 139,000 | 2019 |
| Kingswood Center II | 1715 East 13th Street, 11229 | 109,813 | 2019 |
| The Breeze | 314 Scholes Street, 11206 | 96,276 | 2019 |
New York City, NY Green Office Space
In a commercial real estate market this large, green office space is commonplace and growing. There are over 1,200 LEED Green, Silver, Gold, or Platinum certifications, and many are recently registered. The 2017 National Green Building Adoption Index reports that, across the top 30 U.S. 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 buildings here is the One World Trade Center. Located in the Manhattan Financial District submarket, this building was completed in 2014 and brings 3 million square feet of Class A LEED Gold-certified space to the market.
New York City, NY's Top Office-Using Sectors
The New York City commercial real estate sees plentiful demand from national and international investors. The main driving forces of NYC’s economy are 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 significant demand in NYC.
- High Technology – Google is just one of the high-tech companies that have offices in the Silicon Alley section of the 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.
- 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 are headquartered here.
New York City Demographics
Population
- Total Population8,464,765
- Male Population(47.7 %) 4,035,710
- Female Population(52.3 %) 4,429,055
- Median Age37.00
Income/Financial
- Average Household Income$105,138
- Median Household Income$66,526
- Median Income Under 25$41,801
- Median Income 25-44$74,560
- Median Income 45-64$74,593
- Median Income Over 65$38,620
News
The ongoing COVID-19 outbreak has halted the progress of several commercial real estate projects in New York City. One of them is the latest addition to Kaufman Astoria’s campus ― the Queens Astoria Studios Office — located at 34 36th Street. Work on the 97,000-square-foot Queens office space be...
FirmVO operates virtual and short-term rental law offices in seven major legal hubs across the country. The company’s new Broadway location is within walking distance of pretty much all New York courts.
The Durst Organization has inked two new leases at its 1155 Avenue of the Americas property in Midtown Manhattan. The asking rent for the leased floors in the 790,000-square-foot office tower was $95 and $110 per square foot, according to the owner. Blockchain company R3 signed a 10-year contrac...