2022 Office Space Rent & Sales
- $59.43 2022 Avg. Asking Rent
- 16.82% 2022 Office Vacancy Rate
- $4.9B2022 Total Office Sales
- $816.63Avg. Sale Price/SF
New York City office price per square foot in 2022 was $59.43 on average. The local office market recorded an average vacancy rate of 16.82% across all asset classes combined. The 20 transactions that closed here throughout 2022 amounted to a total sale volume of $4.9B. New York City office space commanded an average sale price per square foot of $816.63.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- New York City Class A & A+ Office Space$71.57
- New York City Class B Office Space$52.18
- New York City Class C Office Space$52.87
- New York Class A & A+ Office Space$43.80
- New York Class B Office Space$36.92
- New York Class C Office Space$32.91
New York City, NY Office Asking Rents by Class
Average office rent in New York City rested at $59.43 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in New York City averaged $71.57 per square foot. Across all submarkets, class B office space recorded an average asking rent of $52.18 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $52.87 per square foot, on average. Comparably, statewide New York average office rents by class in 2022 were: $43.80 per square foot for class A office space; $36.92 per square foot for class B office space; $32.91 per square foot for class C office space.
2022 Office Vacancy Rates in New York City
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Hudson Square | $86.65 | 16.71% |
Soho | $79.56 | 18.88% |
Plaza District | $72.54 | 15.43% |
Greenwich Village | $69.71 | 23.61% |
Gramercy Park | $65.42 | 20.37% |
United Nations - Turtle Bay | $62.74 | 13.67% |
Murray Hill | $61.08 | 18.92% |
Times Square - Hell's Kitchen | $59.43 | 18.44% |
Financial District | $54.91 | 19.68% |
Harlem - North Manhattan | $53.54 | 42.24% |
Chelsea | $49.04 | 14.30% |
World Trade Center | $46.17 | 11.25% |
Tribeca | $44.76 | 12.09% |
City Hall | $43.59 | 8.45% |
New York City Office Sale Price per SF
- $816.632022 Avg. Price per SF
- -17.80%Y-o-Y Avg. PpSF Change
- $4.9B2022 Office Sales Volume
- 202022 Number of Transactions
New York City, NY Sale Price per SF Trend
- New York City Avg. Sale Price per SF in 2022$816.63
- New York Avg. Sale Price per SF in 2022$383.47
2022 Office Sales Volume
- New York City, NY Total Office Sales Volume in 2022 $4.9B
- New York City, NY Total Number of Office Sales Closed in 2022 20
Largest New York City Office Sales in 2022
Property name | Address | Date | Price |
---|---|---|---|
245 Park Avenue | 245 Park Avenue | 9/27/2022 | $1,769,901,000 |
450 Park Avenue | 450 Park Avenue | 6/30/2022 | $445,000,000 |
1330 Avenue of the Americas | 1330 Avenue of the Americas | 11/28/2022 | $320,000,000 |
475 Fifth Avenue | 475 5th Avenue | 5/24/2022 | $291,000,000 |
95 Morton Street | 95 Morton Street | 7/12/2022 | $288,238,000 |
Coworking Spaces in New York
- New York City Coworking Space
- Manhattan Coworking Space
- Washington Coworking Space
- Brooklyn Coworking Space
- Boston Coworking Space
- Charlotte Coworking Space
- Philadelphia Coworking Space
- Columbus Coworking Space
- Raleigh Coworking Space
- Cincinnati Coworking Space
- Pittsburgh Coworking Space
- Alexandria Coworking Space
- Detroit Coworking Space
- Cambridge Coworking Space
- Jersey City Coworking Space
- Queens Coworking Space
- Cleveland Coworking Space
- Grand Rapids Coworking Space
- Ann Arbor Coworking Space
- Bethesda Coworking Space
2022 Office Construction in New York City, NY
- New York City, NY Total SF completed in 2022 6,969,275
- New York City, NY Total SF under construction in 2023 6,562,697
During 2022, 6,969,275 square feet of new office space were delivered across the market. At the close of 2022, the New York City office inventory included 10 buildings equal to or larger than 25,000 square feet, which comprised 6,969,275 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 6,562,697 square feet of office space to the market, before year-end.
Office building | Address | SF | Completed |
---|---|---|---|
29 Jay Street | 29 Jay Street, 11201 | 252,000 | 2024 |
1508 Coney Island Avenue | 1508 Coney Island Avenue, 11230 | 163,000 | 2024 |
35-38 Junction Blvd | 35-38 Junction Blvd, 11368 | 4,000 | 2024 |
PENN 2 | 2 Pennsylvania Plaza, 10001 | 1,619,000 | 2023 |
West End Labs | 125 West End Avenue, 10023 | 400,000 | 2023 |
141 Willoughby Street | 141 Willoughby Street, 11201 | 379,297 | 2023 |
Hatch Life Sciences | 43-10 23rd Street, 11101 | 214,013 | 2023 |
The Labs on 121 | 2226 3rd Avenue, 10022 | 194,066 | 2023 |
300 Huntington Street | 300 Huntington Street, 11231 | 111,520 | 2023 |
133-20 41st Rd | 132-20 41st Rd, 11355 | 32,324 | 2023 |
Worth noting among recent office completions on the New York City market is 29 Jay Street, which is currently the largest new office development in the city, at 252,000 square feet.
See reports for other markets
- Brooklyn Office Rent Price
- Buffalo Office Rent Price
- Colonie Town Office Rent Price
- Albany Office Rent Price
- Rochester Office Rent Price
- Syracuse Office Rent Price
- Melville Office Rent Price
- White Plains Office Rent Price
- Great Neck Office Rent Price
- Chicago Office Rent Price
- San Diego Office Rent Price
- Denver Office Rent Price
- Atlanta Office Rent Price
- Miami Office Rent Price
- Austin Office Rent Price
- Washington Office Rent Price
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all New York City commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.