There are few things more iconic than the Manhattan skyline. An establishing shot of it in a movie almost immediately prepares us to be transported into a busy office space, perhaps in the high-stakes financial world, at a publishing house, or inside a media conglomerate. To many, Manhattan means business. And that’s why it’s one of the first places many companies want to look for when they are ready to lease an office or research listings.
Looking to Rent an Office in Manhattan New York?
In your search for an office for rent in Manhattan, you are presented with an array of appetizing choices for commercial real estate. Though never truly cheap, it is possible to find an office lease that is reasonable. Certainly, some neighborhoods are more expensive than others, and luxury Class A office buildings will cost you more than Class B buildings. Each area possesses its own unique character, and you’ll find that most available spaces enjoy benefits like proximity to subways and buses, great restaurants, and other amenities.
Neighborhoods Where There is Commercial Manhattan Office Space for Rent
Although Manhattan is a fascinating place from top to bottom, not every area of this New York City borough is popular with office lease seekers. Uptown, for example, is mostly known for residential and retail property. So, for those seeking offices to rent, the map of Manhattan is often divided into three main submarkets: Midtown, Midtown South, and Downtown. Here are some of the most popular neighborhoods within the city for finding and renting commercial and retail space. If you’re looking to start your search for a great space, spend some time getting to know these submarkets before making your way to any rental office.
Office space in the Plaza District attracts two-thirds of all NYC hedge funds and is ideal for small to mid-sized financial services businesses. Office rentals in Class A buildings average at just over $100 per square foot, and Class B buildings average at a little over $65 per sq. ft. in the Plaza District.
A neighborhood on the West Side, Chelsea has attracted a variety of big-name tech companies to the neighborhood, including Google, Twitter, YouTube, and Venmo. This is likely due to Chelsea’s average rent of around $84 per sq. ft. per year and its abundance of stylish, sprawling brick and beam spaces. This eclectic Midtown South neighborhood is known for its inclusion of Chelsea Market (home of one of the best food halls in New York City) and the High Line. Penn Station makes Chelsea easily accessible for employees traveling by intercity or commuter rail from New Jersey.
Named after the optically wondrous Flatiron Building, the Flatiron District has more than 21 million square feet of in-demand offices with a low vacancy rate. Floor plans in this Midtown South submarket tend to be modest with high ceilings, which attracts companies searching for open office concepts at an average of about $78 per square foot.
Financial District (FiDi) is defined by its inclusion of Wall Street, the Federal Reserve, the New York Stock Exchange, and NASDAQ. Widely considered the financial center of the world, FiDi offers some of the most affordable office leases on property in Lower Manhattan at rents averaging just over $61 per square foot.
World Trade Center
World Trade Center, a complex in FiDi with five high-rise office buildings, has more than 21 million square feet of inventory with one of the highest vacancy rates in the area. The average asking rent for property in the complex is approximately $73 per square foot.
Known as a major tourist destination and the center of entertainment in NYC, Times Square is one of the more expensive submarkets and is located in Midtown West. Class A offices typically cost close to $85 per square foot to rent, while Class B goes for an average of almost $66 per square foot.
Short for “South of Houston Street,” SoHo is an upscale, mixed-use neighborhood that boasts more than four million square feet of office space for rent. It’s also one of the world’s most popular locations to acquire both office and retail space — an address in SoHo is highly coveted! Commercial tenants in SoHo will pay an average of just over $70 per square foot (across all building classes).
A hub for advertising, media, and technology, Hudson Square is an up-and-coming business district located within an attractive community. A majority of Hudson Square’s inventory is in Class A buildings. The average asking rent is just under $85 per square foot.
Tribeca is a trendy and pricey Manhattan submarket. Short for “Triangle Below Canal Street,” Tribeca is bordered by Canal Street, West Street, Broadway, and Vesey Street. Office space seekers can expect to pay $87 per square foot (across all classes) and around $135 per square foot per year for Class A buildings.
Hudson Yards, the newest development in Manhattan, is located in the west side of the city between Chelsea and Hell’s Kitchen (don’t worry, it’s much nicer than it sounds!). Plans for Hudson Yards include 16 skyscrapers with close to six million square feet designated for commercial office space. Office space at Hudson Yards is already in high demand, mainly by the tech sector, and growing at a faster rate than Silicon Alley. Office space in Hudson Yards rents for almost $144 per square foot on average.
Grand Central Station is a large, handsome commuter terminal in the heart of Midtown Manhattan and is served by the 4, 5, 6, 7, and S subway trains, multiple bus lines, and the Metro-North Railroad, which allows commuters from all over New York State and Connecticut to ride into the city. The bustling transit center provides easy access around the city and is located close to the UN Headquarters. JP Morgan, Oracle Inc., Pfizer, and Salesforce are noteworthy tenants working in Grand Central. The average asking rent is close to $80 per sq. foot. Current inventory has a vacancy rate of approximately 12%, and more than a million square feet of new space are under construction.
One of Manhattan’s two central business districts, Midtown is composed of multiple submarkets. Over two-thirds of inventory is Class A product with an average rent of around $90 per sq. foot. Nearly every train runs through Midtown, and Pennsylvania Station, Grand Central Station, and Port Authority Bus Terminal. The famous Madison Avenue, known as a hub for the advertising industry, runs through Midtown East. Midtown West is home to Hell’s Kitchen, and Bryant Park.
Manhattan Commercial Space For Lease | Office Spaces In NYC Numbers
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Manhattan NY Office Space for Lease | Data & Trends
Manhattan houses more than 463 million square feet of office space, the majority of which is in Midtown. Midtown’s average office leasing prices are at $90 per sq. ft., with Midtown South at an average rent of just over $84. Downtown Manhattan property is cheaper at just over $63 per sq. ft., and the direct vacancy rate is at about 10%.
Direct office space in Manhattan costs an average of $82 per square foot each year. Class A space is more expensive, costing an average of around $91 per square foot per year. Class B space costs a relatively affordable $62 per square foot per year. Of course, this varies from neighborhood to neighborhood. Renting office space in Hudson Yards, for example, is going to be significantly more expensive than renting office space in the Financial District.
About 10% of office space in NYC is vacant and available to rent, out of more than 463 million square feet of inventory.
Top Commercial Offices for Lease in Manhattan
Manhattan has an enormous real estate market with seemingly endless office options for businesses of all sizes. Contact one of our experienced brokers to discover specific options in the market that will suit your business needs. Or, find available space for lease in one of these two Squarefoot-recommended properties:
– 80 Maiden Lane: 80 Maiden Lane is a Class B office building located at the corner of Maiden Lane and William Street in the Financial District. Built in 1912 and designed by renowned architect Daniel H. Burnham, the building features neo-classical ornamentation and a gorgeously carved main entrance. At 26 stories high and 555,750 square feet in size, it offers plenty of offices in a great downtown NYC location. Contact us for pricing or a tour.
– 1251 Avenue of the Americas: 1251 Avenue of the Americas, once known as the Exxon building, is an office building at the corner of 50th Street and 6th Avenue. It stands at 54 stories tall and is the second-tallest building in the Rockefeller Center complex. Although the building soars high, it is nearly hidden from view in the New York City skyline, obscured by even taller neighboring buildings. Nonetheless, it is a top office building in a spectacular midtown location.
A few other popular buildings are:
A World of Benefits When You Rent NYC Office Space in New York NY
Leasing office space in Manhattan NY can be a little intimidating, given all the available choices, but it’s also exciting to know that there are sure to be multiple New York City office space rentals to suit your business’s needs. It’s up to you to weigh the many options, from the size and style of the office space to building amenities and the neighborhood vibe. Naturally, cost and lease length are important considerations as well. To find office space in NYC, it’s best to work with a tenant broker. NYC tenant brokers work for you (not landlords), have extensive experience in the market, and can show you a diverse array of options to meet your company’s needs. Whatever your specifications, you are likely to find something perfect in Manhattan New York.
Discover Your Office Rental Options With Us
Should you need help finding your next commercial space in Manhattan, please don’t hesitate to email us at email@example.com — we’re here to help you begin your search and find the best space and lease term for your needs.