Office Space Rents in Manhattan, NY
Asking prices for office space in Manhattan vary and are generally influenced by such factors as the property location, the building quality rating, and the proximity to amenities like restaurants, cafes, and entertainment venues, as well as how convenient access is to and from public transport, airports, and thoroughfares.
Most commonly, the cost in any location will first be influenced by the property class rating, which can be A, B, or C.
For example, Manhattan space rated Class A averages $70.71 per square foot.
Meanwhile, Class B space in Manhattan asks $46.68 per square foot, on average.
At the same time, listings in Class C buildings are listed for an average of $44.86 per square foot.
Overall, the average rent for office space in Manhattan is $49.35 per square foot.
The maximum rental rate among listings for lease in Manhattan is $130 per square foot.
Meanwhile, the minimum rental rate in Manhattan is $22 per square foot.
Top Locations to Rent Office Space in Manhattan, NY
There is no one-size-fits-all answer as to what the best office space for rent location is in Manhattan. The best neighborhood or submarket match for you will depend on what are the most relevant factors to your business and your employees. You will most likely need to consider what works best for the type of business you need space for, the size of your company, the employee demographics, and of course the company budget.
However, a good starting point for finding your best options is to look at the areas where there is a high concentration of office property listings. These areas are typically well-connected to a range of access routes and are also home to a variety of amenities that serve the convenience of both workers and visitors.
In Manhattan, the greatest concentration of office for rent opportunities is in Plaza District.
For your consideration, the average rent for office space in Plaza District is $90.2 per square foot, but you should expect some price variation across the market, depending on factors like location and property class.
For example, the asking rents in Plaza District average $93.48 for class A space, but is $72.51, on average, for class B listings, and $67.46 for class C.
Submarket
No. of Listings
Avg. Asking Rent
Class A&A+ Rent
Class B Rent
Class C Rent
Vacancy Rate
Plaza District
192
$90.2
$93.48
$72.51
$67.46
11.30%
Times Square - Hell's Kitchen
157
$58.98
$69.82
$56.32
$45.47
12.79%
Gramercy Park
155
$75.08
$103.82
$63.77
$45.04
13.55%
Murray Hill
108
$69.26
$75.45
$61.24
$40.27
12.26%
Chelsea
90
$64.1
$108.85
$57.61
$51.16
12.34%
Key Factors to Consider when Choosing an Office Space for Rent in Manhattan, NY
The quality of an office property can be judged based on subjective factors such as the prospective tenant’s preferred architecture style, the overall design of the surrounding area, as well as the amount and/or diversity of amenities available within a convenient distance.
Some quality factors, however, are considered to be mostly objective, and have been somewhat standardized as top things to consider when looking for a specific quality of space for your business. These include construction grade and building quality ratings, sustainability certifications, the total age or the property, as well as any renovation work that was done.
A local breakdown by property class shows that about 40.9% office space listings in Manhattan are in properties rated class A.
An additional 26.75% represents trophy class or class A+ space.
Class B space makes up 30.2% space available in Manhattan.
Class C space listed for rent locally accounts for 2.15% opportunities on the local leasing market.
If considering quality space by property age, the Manhattan market is also a mixed bag in this respect. About 89.13% of local office properties were completed before the year 2000.
Office space delivered in and since the year 2000 makes up 10.87% of the local market and adds up to a total of 27,890,650 square feet.
However, a certain age of completion of the original structure does not necessarily mean that a property is too old. Older properties are often considered to have excellent bones and are good subjects for adaptive reuse redevelopment or extensive renovation to modernize the interior space. With that in mind, you should consider that roughly 1.63% of all office properties here are buildings that have been renovated at least once since 2000.
Manhattan, NY Office Space for Lease by Building Class
- Class A+
- Class A
- Class B
- Class C
Modern quality standards also take into account the property’s sustainability minded design, which is largely standardized by certification processes such as the LEED program. In Manhattan, you can find 653 listings for rent that are in LEED-certified or LEED-proposed properties.
The local market is home to 155 LEED-certified office building(s). Certification can range from basic LEED requirements to Platinum, which is the highest achievable level of certification awarded by the U.S. Green Building Council.
Finding Office Space for Rent in Manhattan, NY Near You
If you have a certain point of interest in mind for renting an office in Manhattan, it’s easy to navigate local leasing opportunities around it. Using our interactive search map, you can zoom in to your preferred location and then customize your search area around that specific point of interest by selecting “Radius” from the Search Mode options menu. Establish the center of your desired search area with one click on the map, and then expand the radius as much as you need to. Browse the resulting list of available office spaces for rent to find the best match for your location and other business needs.
Data was provided by Yardi Research Data and refers to office properties at least 25,000 square feet in size. Prices shown reflect the average rate per square foot.
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