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: 634,732,419 SF
By square footage range:
- 50k to 100k SF: 44,148,957 SF / 6.96% of total office
- 100k to 500k SF: 203,400,884 SF / 32.05% of total office
- 500k to 1M SF: 139,235,864 SF / 21.94% of total office
- > 1M SF: 247,946,714 SF / 39.06% of total office
By class:
- Class A+: 143,834,355 SF / 22.66% of total office
- Class A: 256,457,202 SF / 40.4% of total office
- Class B: 176,747,186 SF / 27.85% of total office
- Class C: 13,640,327 SF / 2.15% of total office
Top 10 Largest Office Buildings
in New York City
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Industry City | 892 3rd Avenue, 11232 | 5,814,919 | 2013 |
| 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 |
Largest Office Properties Recently Completed
in New York City
| 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 |
| 1709 Surf Avenue - Phase I | 1709 Surf Avenue, 11224 | 508,130 | 2021 |
| 1 Willoughby Square | 420 Albee Square West, 11201 | 500,000 | 2021 |
| The Paxton | 532 Fulton Street, 11201 | 398,271 | 2021 |
| Pier 57 | 25 11th Avenue, 10011 | 354,450 | 2021 |
| Taystee Lab Building | 450 West 126th Street, 10027 | 350,091 | 2021 |
| Corporate Commons Three | 1441 South Avenue, 10314 | 330,000 | 2021 |
| 345 Park Avenue South | 345 Park Avenue South, 10010 | 309,000 | 2021 |
| Zero Irving | 124 East 14th Street, 10003 | 276,272 | 2021 |
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.
Frequently Asked Questions
How much does office space cost in New York City, NY?
The average office rental rate in New York City, NY is $51.54 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 New York City Office Market Trends for more stats.
What is the size of available office spaces in New York City, NY?
The New York City, 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 New York City, 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 New York City, NY?
Start your search for office space in New York City, 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 New York City, NY?
There are 3,404 office listings on the New York City, NY market. See all available office spaces for rent.
What other property types are available for lease in New York City, 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.
New York City Demographics
Population
- Total Population8,440,401
- Male Population(47.7 %) 4,026,713
- Female Population(52.3 %) 4,413,688
- Median Age37.80
Income/Financial
- Average Household Income$110,764
- Median Household Income$70,846
- Median Income Under 25$46,819
- Median Income 25-44$77,369
- Median Income 45-64$78,063
- Median Income Over 65$41,875
News
The years between 2000 and 2020 have proven to be quite eventful for the U.S. office market. The first decade started on the tail end of the dot-com bubble, which resulted in the boom and bust of an unprecedented real estate bubble. Then, the 2010s were marked by growth and consolidation, only t...
For most of the past century, the U.S. reigned supreme as the home of the tallest buildings in the world. Then, Asia took over. Watch the world’s skyscraper race!
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...