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, andDowntown. Here are some of the most popular neighborhoods within the city forfinding and rentingcommercial 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 thePlaza Districtattracts 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,Chelseahas attracted a variety of big-name techcompanies 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 Stationmakes Chelsea easily accessible for employees traveling by intercity or commuter rail from New Jersey.
Named after the optically wondrous Flatiron Building, theFlatiron Districthas 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 companiessearching 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 Squareis 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
|Office Space for Rent||Price per square foot|
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 brokersto 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:
– 230 Park Avenue South
– 225 Liberty Street
– 4 New York Plaza
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 firstname.lastname@example.org — we’re here to help you begin your search and find the best space and lease term for your needs.
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.How much is rent for a business in NYC? ›
The average rental cost for a small retail space is $1,000 per month. A Price range for retail space in NYC is about $30 to $50 per square foot.How much office space is in Manhattan? ›
Size of office real estate in Manhattan in Q2 2022, by district (in million square feet)
|Characteristic||Space in million square feet|
New York City office space commanded an average sale price per square foot of $775.65.
2020 Office Vacancy Rates in New York City.
|Submarket||Asking Rents||Vacancy Rates|
Renting an office can be a great way to combine the flexibility of working from home with a structured work environment. Due to this, you may have an easier time balancing your personal life with your professional goals.Can you rent an office for a day in NYC? ›
Executive Offices of New York has exactly what you need. EONY provides plenty of turnkey daytime office spaces for rent that are fully furnished and ready to use whenever you need it.Why does NYC require 40x rent? ›
Why Do NYC Landlords Ask For 40x the Rent? Landlords ask you to have 40 times the monthly rent as a salary because of the sheer price of living in New York City. However, having 40 times the rent means you'll spend less than 30 percent of your income on rent.How much is commercial space in NYC? ›
It costs as little as $3,000 a month to lease a store front in Manhattan in areas like SoHo, Chelsea or the Garment District. Before 2021, storefront space on Fifth Avenue, Madison Avenue or Park Avenue, cost as much as $4,000 per square foot for a ground-floor space with street frontage.Is rent in NYC expensive? ›
Unsurprisingly, New York City won the medal for highest rents in the area. According to the findings, second to NYC in terms of rent priciness is Hoboken, with one-bedrooms going for a median price of $2,770 and $3,910 for two-bedrooms.How much does it cost to rent a small office in NYC? ›
Calculating Monthly Rates for Office Spaces.
|Office Space Design||No. of People||Est. Cost per Month|
|Private Office Space||1 to 6||$150 to $600|
|Small Office Space||1 to 4||$50 to $650|
|Coworking Hot Desks||1 to 2||$50 to $500|
|Meeting Rooms||5 to 30||$30 to $300|
|Address||$ / SF||Monthly Rent|
|W 47th Street & 5th Avenue||$ 81||$ 4,600|
|Broadway & West 50th Street||$ 50||$ 12,000|
|Broadway & West 50th Street||$ 208||$ 64,000|
Commercial Space used as Residence
You can report people living in commercial space. This type of activity violates zoning regulations.
Office Space Prices in Greater London
Though there are bargains across the city, prices are at a premium in the City of London with median desk rates ranging from £645 for a 1-4 person office to £786 for an office of 50 or more staff.
1. SL Green Realty. New York City's largest office landlord has more than 27.4 million square feet of office space under its ownership, 25,266,060 of which are located in Manhattan.Where are most offices in NYC? ›
Midtown Manhattan is considered to be the hub of the business world. Being in the heart of this world renowned location has never been so easy.Why is office space so cheap? ›
Cheap office space is usually cheap because the landlord hasn't invested a lot of money into the space itself. Maybe the owner got a deal on the property and it's one of many commercial properties he or she manages.Is it better to rent office or buy it? ›
While buying an office space is appropriate if your run a large business and looking for waiving of taxes, renting an office space is the best choice if you demand cost-effectiveness, flexibility, and a room for some change.Is it better to lease or buy office space? ›
If your business is booming and you anticipate rapid growth in the next few years, then leasing gives you greater flexibility to move if you outgrow the new facilities. If you purchase, you may outgrow the building or purchase more building than you need, with the associated expenses.Where can I work for free in NYC? ›
- 6 Free Spots to Work in NYC. Keeping it 100, New York City isn't cheap to live, so finding free spots with solid wifi to work is like finding a mall that doesn't ban Roy Moore. ...
- AWS Pop-up Loft. Amazon Web Services Pop-up Loft, 350 W. ...
- Lincoln Center Public Space. ...
- Cadillac House. ...
- Ace Hotel. ...
- Wix Lounge (Axed) ...
- The NoMad Hotel.
Answer: “It's unlawful to occupy any class-A multiple dwelling as a rooming house,” says Sam Himmelstein, a lawyer who represents residential and commercial tenants, tenant associations, and co-op shareholders.
Data shows the average asking rent for all office spaces in SoHo is just over $108 per sqft.Can I live in NYC on 50k? ›
“I definitely think you can live comfortably on a salary of $50,000, even in New York City,” says Haskins. “It's an expensive city, but I think if you know where your money is going and you recognize what your priorities are, it's totally doable.”Can you rent in NYC without a job? ›
Despite what friends and family may have told you, it is possible to find an NYC apartment without a job or any regular source of income. It's not the easiest or most preferable way to go apartment hunting, but you can do it. Below are some of the ways you can do that.What salary is considered low income in NYC? ›
The income levels are percentages of that AMI number: any household income at or below 80% of the AMI is considered "low-income". This means that in New York City income of $68,720 for a family of four is considered to be low income.What is the rent per square foot for NYC? ›
|Neighborhood||Median Price Per Sq Foot|
Average Manhattan, New York Apartment Prices (Condo)
The average sale price for a condo ranges from $908,991 for a studio apartment to $9,846,869 for 4+ bedroom apartments.
The average cost to rent a food restaurant in New York is $3,500 per month. However, the cost can range from $2,500 to $5,000 per month, depending on the location and size of the restaurant.Is rent in Manhattan expensive? ›
Manhattan may the city of dreams but it is also notorious for its high rent prices. Many people interested in moving to New York City do not even consider renting in Manhattan because of this.What salary do you need to live in NYC? ›
Living in NYC will require an annual salary of anywhere between 40K-100K after taxes. Of course, these figures vary depending on your living expenses, children (if any), and other monthly bills related to entertainment, health insurance, or transportation.How much is a living salary in NYC? ›
|1 ADULT||2 ADULTS (1 WORKING)|
|0 Children||2 Children|
|Name||Location||Pricing per hour|
|Green Space||Long Island City||$15-20|
|Dance Wave||Brooklyn||Studio A/B:$18-25 Full Studio: $23~25|
|Flamenco Vivo||Midtown East||$22-37|
|Lucid Body House||Midtown East||$50|
- Assign an existing table double duty. ...
- Squeeze in a slim desk. ...
- Find a chair that tucks in neatly. ...
- Affix a desk to the entryway wall. ...
- Go paperless. ...
- Float your shelves. ...
- Keep your lamp simple. ...
- Tame the cables.
Overall, we'd say the average coworking space price in NYC for a Hot Desk membership is around $300 per month.How do I get a cheap studio in NYC? ›
- Make direct contact. The easiest way to save money is to avoid paying a broker's fee. ...
- Look at bigger apartment buildings. ...
- Face something ugly. ...
- Buy earplugs. ...
- Wait until May. ...
- In fact, wait until winter. ...
- Throw in a little elbow grease. ...
- Find a low-key neighborhood.
A small storage unit is usually considered a 5' x 5' unit and costs on average $60.42 per month in New York. You can compare prices for all 5' x 5' storage units in New York on Sparefoot.com.How much is a square foot in Manhattan? ›
You can run certain types of businesses from an apartment in NYC. There are Home Business Zoning Laws in NYC that restrict the types of business and size, but it is allowed. For Home Occupation NYC Zoning requires the home business to be less than 500 square feet or 25% of the home whichever is less.How much of NYC is empty? ›
Manhattan's vacancy rate hit 10.5 percent in 2020 and the five boroughs averaged 6.5 percent, according to census data released last week. The magic figure that keeps New York rent-stabilized is 5 percent.What can I use an office space for? ›
- Private events. In the aftermath of the pandemic, many people are looking for clean spaces to meet up and organize private events. ...
- Professional training. ...
- Pop-ups. ...
- Co-working space. ...
- Photography studio.
Common areas – 80-100 square feet per person. Conference rooms – 25-30 square feet per person. Executive offices – 90-150 square feet. Open workstations – 60-110 square feet per person.
Small meeting room (2-4 people) = 100 sq ft. Large meeting room (4-8 people) = 150 sq ft. Board room (15-20 people) = 220 sq ft. Conference room (20-30 people) = 300 sq ft.How much should I budget for office space? ›
Commercial tenants should be able to spend 5% to 10% of their gross sales per foot on rent. Your gross sales divided by the location's square footage will give you sales per square foot. For example, you estimate your business will make $300,000 per year in total sales, and you are looking at a 1,500 square foot space.Who is the biggest landlord in NYC? ›
The government agency is Manhattan's largest multifamily landlord, most of its developments being Class C assets. The New York City Housing Authority owns 89 communities, which translates into 55,438 fully affordable units. Its largest development is the Baruch, a 2,391-unit property located at 100 Columbia St.What is the richest company in New York City? ›
JPMorgan Chase & Co.
It is a leading global firm in financial services and banking services to businesses operating worldwide. Headquartered in New York, the firm has over $2.6 trillion in assets.
|Largest Commercial Tenants|
|Largest Commercial Tenants||Manhattan's Biggest Office Tenants By Sq Ft Occupied|
|Largest Commercial Tenants||Rank||Tenant|
|Largest Commercial Tenants||1||New York City|
|Largest Commercial Tenants||2||Citi Bank|
Who Is the Largest Employer in New York City? IBM is the largest company in New York City in terms of the number of employees, with nearly 350,000 personnel globally.Where do most NYC teachers live? ›
- 67% of the 70,328 teachers live within the five boroughs.
- Teachers in Queens and the Bronx are the most likely to live outside the five boroughs.
- 81% of Staten Island teachers live in the same borough as they work, as do 57% of Brooklyn teachers.
The average salary for a Office Manager in New York is $71,079. The average additional cash compensation for a Office Manager in New York is $6,143. The average total compensation for a Office Manager in New York is $77,222.How much is business rent in Times square? ›
|Address||$ / SF||Monthly Rent|
|W 47th Street & 5th Avenue||$ 81||$ 4,600|
|Broadway & West 50th Street||$ 50||$ 12,000|
|Broadway & West 50th Street||$ 208||$ 64,000|
Coworking: starting at $300/month. Dedicated desk: starting at $400/month. Private offices: starting at $900/month. Conference rooms: starting at $50/hour.
A studio apartment will almost always cost less to rent than a one-bedroom apartment in the same area. But it is important to keep in mind that the lower rent directly corresponds to a smaller space and usually you are paying more per square foot for a studio apartment.
Believe it or not, two people sharing a studio apartment in NYC happens more often than you'd realize. Moving in with a friend or becoming a couple living in a studio apartment isn't for everyone, but for many newcomers, it's the only way they can afford to live in NYC at all.How much does it cost to rent a billboard in Times Square for 30 min? ›
Generally, the price for a billboard can start at $5,000 per day as the minimum amount required, and reach up to $50,000 per day.How do you calculate rent per square? ›
You can use the same formula for rental properties by replacing price with the monthly rental cost to get a value for the rent per square foot. rent per square foot = monthly rent / floor space (ft²) .How much is NYC Wework monthly? ›
|Single Private Office|
Access to coworking space starting at $29/day and meeting rooms starting at $10/seat/hour.