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NYC Office Space for Rent

New York City is the most densely populated city in the United States, with nearly 9 million residents distributed over 300 square miles. It’s a global hub, with some of the biggest names in culture, art, media, commerce, finance, advertising, legal services, accounting, insurance, entertainment, transit, international diplomacy, tourism, and technology occupying office space. NYC alone boasts a GDP that would place it among the top 20 countries in the world. It is the world’s leading financial center and houses the New York Stock Exchange and NASDAQ. NYC has five boroughs, as many as 800 spoken languages, and a gross metropolitan product of $1.9 trillion.

NYC has more than 500 million square feet of total office space to accommodate every type of business—from sole proprietorships to multinational firms.

SquareFoot's NYC Market Report

 

Popular Neighborhoods to Rent NYC Office Space

Anchored by Wall Street at the southern tip of Manhattan, Financial District—or FiDi—is widely considered the world’s leading financial center and one of the leading drivers of NYC’s economic engine. It houses the New York Stock Exchange, Federal Reserve, and NASDAQ, as well as well as a large number of banks, hedge funds, and tech startups. Financial District is a popular and affordable location to lease office space. The average asking rent is just under $58.75 per square foot. The Staten Island Ferry conveniently drops off at Battery Park, and commuters can reach Lower Manhattan via the 1, 2, 3, 4, 5, 6, A, C, E, J, Z, R, or W trains.

Named after the iconic triangular Flatiron Building at the intersection of 23rd Street, Broadway, and Fifth Avenue in Manhattan, the Flatiron District is the heart of Silicon Alley, New York City’s technology and startup sector, which has grown by more than 70 percent in the past decade. A wide variety of industries work in Flatiron District, such as publishers, fashion designers, non-profits, consulting firms, advertising agencies, and many startups. Today, the tech ecosystem includes more than 7,000 companies valued at a combined $71 billion, and more than 600,000 employees.

Flatiron office spaces for rent commonly have high ceilings and open floor plans, making them extremely popular among advertising agencies, startups, photographers, and businesses that regularly bring clients to the office. Commuters can take the 1, 2, 6, F, M, R, and W trains, as well the PATH train to New Jersey.
In addition to the direct leasing options, Flatiron is home to several coworking and flexible office providers, giving businesses a range of options on lease length and cost per square foot.

Midtown Manhattan is the largest central business district in the world, as well as a massive entertainment, commercial, and media hub. It is home to some of the city’s most iconic landmarks, including the Chrysler Building, Empire State Building, United Nations headquarters, Rockefeller Center, Times Square, Broadway theater, Grand Central Station, 42 Street Library, Bryant Park, Herald Square, The Intrepid, and Madison Square Garden.

Midtown stretches across Manhattan from 14th Street in the south up to 59th Street, but some people will refer to it as anything as far north as the 70’s or 80’s. Midtown, together with the Plaza District, provides space for major television networks and biotechnology, fashion, insurance, accounting, consulting, and technology firms. The average asking rate to rent office space in Midtown is just under $87.25 per square foot.

Midtown locals and visitors enjoy particularly excellent access to public transportation. In addition to the MTA network of trains and buses, Midtown has Pennsylvania Station, Grand Central, and the Port Authority Bus Terminal. Midtown office spaces also give employees access to nearly unlimited options for work/life balance, including countless top-rated restaurants, proximity to Broadway musicals, and outdoor space in Central Park and on the Hudson River Greenway and High Line.

Office space in SoHo is at a premium. SoHo is one of the most popular neighborhoods on the planet to rent office space. Short for South of Houston Street, the upscale neighborhood exudes style, luxury, art, and New York City culture. SoHo enjoys a rich and varied history. It began as a manufacturing area transitioned to a hub for artists and then evolved into one of the most expensive and in-demand locations to live, play, work, shop, and eat in Manhattan.

The SoHo and Hudson Square neighborhoods of Midtown South represent a hub for NYC culture and business. Numerous high-profile technology, finance, advertising, consulting, and retail firms are based in the area. Employees enjoy easy access by train, bus, PATH, or bicycle, and hundreds of coffee shops, restaurants, and bars to choose from.

Though most people assume Chelsea is primarily residential, the neighborhood is a fantastic choice for office space. Rent office space here for an average of just over $96 per square foot. Chelsea is easily accessible, rich in culture, and bursting with diversity. Chelsea is home to tech firms such as Google and Twitter, which have taken advantage of warehouse buildings’ large, open office spaces and high ceilings. The area is known as one of the city’s centers for art and culture, and the neighborhood is home to more than 200 galleries. You can get to Chelsea by taking the 1, 2, 3, A, C, E, or PATH trains.

Short for Down Under the Manhattan Bridge Overpass, DUMBO has exploded to become one of the trendiest mixed-use neighborhoods in New York City. Former warehouses have been converted into office space for ad agencies, tech startups, boutique retailers, high-end restaurants, cafes, and art galleries. DUMBO is also home to Washington Street, an iconic street with an irresistibly photogenic view of the Manhattan Bridge. If you haven’t seen it in a commercial or fashion ad, it’s probably popped up on your Instagram feed. DUMBO and Downtown Brooklyn are most accessible from the 2, 3, 4, 5, A, C, F, and R trains.

Located in the Southwest corner of Queens, Long Island City (Hunters Point) is conveniently close to both Brooklyn and Manhattan, and a fast-growing hub for office space. Long Island City is home to a wide range of companies and an area with numerous corporate real estate projects underway. Class A office space rents for an average of $33 per square foot, while Class B space rents for around $24 per square foot. The neighborhood can be reached on the G, F, 7, N, R, W, E, and M trains, as well as the Long Island Rail Road.

As the name indicates, the Garment District is where many global fashion brands operate showrooms and create designs. Major fashion brands such as Calvin Klein, Liz Claiborne, Nicole Miller, Andrew Marc, and Carolina Herrera have offices in the Garment District. Though the textile manufacturing industry no longer thrives in the area, many of these spaces have been filled by media, advertising, and technology companies. The nearby Hudson Yards redevelopment project is also flooding the area with new Class A office space and is becoming a very popular destination for hedge funds.The Garment District is popular thanks to its affordable prices, proximity to the Port Authority Bus Terminal, Penn Station, New Jersey Transit, Long Island Rail Road, and Times Square. Commuters are also a short walk or shuttle ride away from Grand Central Terminal. Rent office space in Garment District for around $82 per square foot.

Grand Central Station is an iconic transit center in the heart of Midtown, and one of the most recognizable and and visited sites in the world, known for its dazzling Grand Concourse ceiling, famous Information Booth Clock, and the Tiffany Clock above its entrance. Officially named Grand Central Terminal, locals prefer Grand Central Station or just Grand Central. The main entrance is at at the intersection of East 42nd Street and Park Avenue.

Midtown South encompasses Manhattan neighborhoods such as Chelsea, Gramercy Park, Hudson Square, Greenwich Village, and SoHo. Numerous tech, media, fashion and marketing firms are vying for business space there. Notable businesses in Midtown South include Google, Forbes, and TripAdvisor.

What Our Brokers Say About New York Office Space for Lease

Across New York, office space for rent has been flying off the market, driven by tenants from a diverse array of industries. Growth across the direct lease and sublease markets has resulted in the highest year-to-date leasing activity number in a historic high. While direct lease prices continue to rise, there has been an increase in office sublease options that have kept overall average prices stable.

2018 was Manhattan’s best office leasing market in 17 years, and 2019 has been an excellent year so far as well. 2019 had a strong first quarter, and the leasing volume reached 9.9 million square feet in Q2. Demand for space has gone up, especially in Midtown because of the massive success of the Hudson Yards project. Vacancy rates dropped to 10.6 percent across the city at the end of Q2.

A few notable leases signed during Q2 of 2019 include WeWork’s 212,387 square foot lease at 620 Sixth Avenue, CBS’s 164,000 square foot lease at 28 East 28th Street, and BMO Capital Markets’ 215,000 square foot signing at 4 Times Square.

 

New York Commercial Space For Lease | By the numbers

 

Office Space for RentPrice per square foot
Class A$91
Class B$62

 

Office Space New York | Lease Data and Trends

Based on publicly available commercial real estate leasing data, the average asking rent for New York office space is $82 per square foot, and units in Class A buildings rent for just under $91 per square foot. Businesses looking for more budget-friendly options can take advantage of NYC’s 155 million+ square feet of Class B office space for rent. In New York City, the average asking rent for these spaces is slightly less than $62 per square foot.

Additionally, office subleases present a cost-effective, short-term option for fast-growing businesses that want added flexibility. However, office subleases involve renting through current tenants, which isn’t ideal for every business.

New York City boasts the largest commercial real estate market in the United States, ahead of other major cities such as Chicago, Washington, D.C., Los Angeles, San Francisco, Houston, and DallasFort Worth.

 

Getting Around: Transportation In New York

Businesses that lease office space in Manhattan, Brooklyn, or Queens have access to millions of talented employees, thanks to the city’s vast and robust transit system. The web of trains, commuter rails, buses, and ferries cover thousands of miles.

One of the most popular ways to travel in NYC is by subway. The New York City Subway system is the busiest metropolitan rail transit system in the Western Hemisphere, and most of it is open 24 hours per day. Grand Central Station is the largest railway station in the world. NYC also has the nation’s largest bus fleet.
Because of all these public transit options alongside a fast-growing network of bicycle lanes and bike-sharing docks and the highest WalkScore rating of any US city, NYC is the most energy-efficient city in the country. Employers have the advantage of recruiting from far-away suburbs, local colleges, and residents from just down the block.

Despite all the carless transportation options, New York City suffers from among the worst traffic congestion in the world. Based on 2017 data from INRIX, New York commuters spend 91 peak hours stuck in traffic last year, tied with Moscow for second place for the most amount of hours spent in congestion.
New York City residents often utilize the John F. Kennedy International Airport, Newark Liberty International Airport, and LaGuardia Airport.

 

Top Commercial Properties For Lease In New York

New York City offers an enormous selection of office spaces for businesses of all sizes and industries. Deciding where to set up shop might be daunting. Feel free to contact one of our experienced brokers who can help you find an office space in New York City to suit your business needs. Or, just start by looking at these three SquareFoot-recommended properties in NYC:

55 Water Street: 55 Water Street is a 687-foot tall skyscraper located at the corner of Water Street and Hanover Square in the Financial District of Lower Manhattan. Built in 1972, the office building is one of the world’s largest structures—it houses more than 3.5 million square feet of office space. Currently, 13 units ranging from 19,342 to 69,459 square feet in size are available to rent at 55 Water Street. Securing office space here means working among prominent companies Emblem Health, Justworks, S&P Global, and Sandbox Studio. Get to 55 Water Street via trains 1, 2, 3, 4, 5, J, R, W, or Z.

11 Broadway: Built in 1896, 11 Broadway is a 23-story, Class B office building with 420,000 square feet of rentable space. Twenty-four units ranging from 260 to 25,185 square feet in size are vacant and available to rent. 11 Broadway is located between Broadway and Greenwich St. in the Financial District in Lower Manhattan. Its proximity to the red MTA subway line and the Staten Island ferry make transportation simple. The building has an unusually high number of coffee shops within a .25 mile radius. Visit Bean And Bean, Crumbs, Pret-a-Manger, Bluestone Lane Coffee, Latte Art, or Au Bon Pain just steps from the building.

80 Maiden Lane: 80 Maiden Lane is a 25-story office building in the Financial District at the corner of Maiden Lane and William Street. It has 544,654 square feet of space. Three units are available for rent; they are 1,663, 1,700 and 11,879 square feet in size. Current tenants of the property include Quad Preparatory School, Wasser & Russ, korres USA, and Association of Junior Leagues International. Use trains 1, 2, 3, 4, 5, 6, A, C, J, or Z to get to 80 Maiden Lane. The building has a Walk Score of 100.

420 Lexington Avenue: The Graybar Building, named after early tenant Graybar Electric Company, is located at 420 Lexington Avenue directly above Grand Central Terminal in Midtown East, which is home to many of NYC’s most well-known landmarks. This Class A NYC office building offers 1.5 million square feet of space. Metro-North Railroad, Yoon Law Firm, Cetera Financial Group, and Slarskey already rent office space in the Graybar building, but plenty more space is available for new tenants. Right now 66 units are vacant at 420 Lexington Avenue ranging from 150 to 13,762 square feet in size. Send us an inquiry to learn more about available space in the building. Employees working in the Graybar Building can get to the property by directly accessing Grand Central Terminal or parking at one of the several nearby parking garages. It will be awhile before property tenants run out of new, local coffee shops to try. Market Cafe, Macchiato Espresso Bar, Naples 45, and Cafe Metro are just a few of the coffee shops in close proximity to the Graybar building.

1412 Broadway: 1412 Broadway is a 25-story office building located in the Garment District. Built in 1927, this building boasts an ideal location, easy access to Time Square Subways, and plenty of restaurants in the immediate area. It has 14,000 square feet of rentable space in total, and currently, two units are vacant and available for new renters. One space is 100 square feet in size, and the other is 2,400 square feet in size. Contact us for pricing or for a tour. Dharam Consulting, Btween, FDI Log Box-USA, and StubHub rent space at 1412 Broadway. The property has a Walk Score of 98 and plenty of transportation opportunities. Easily access this building via trains 1, 2, 3, 7, A, B, C, D, E, F, M, N, Q, R, S, or W. Employees won’t have to walk very far to get coffee, food, or drinks. For breakfast or a caffeine fix, try Cofeed, Le Pain Quotidien, or FIKA Bryant Park. To grab lunch during the workday, visit Mexicue, Ootoya, or The Counter. Get drinks with coworkers during happy hour at Carragher’s or EVR NYC.