Manhattan Office Market Snapshot Q1 2024
Manhattan Office Market Snapshot Q1 2024
Rooftop venue at 120 Broadway.
Manhattan Office Market Snapshot Q1 2024 provides an overview of the rents and trends shaping the commercial leasing landscape. Our report will help you:
1. Make smart leasing decisions with detailed information about office rental prices and availability in popular neighborhoods.
2. Get the insights you need to optimize your budget and find the best space for your business.
3. Provide reliable market data to guide your search.
Cogent Realty Advisors is a licensed no fee real estate broker that represents companies who lease office space. Call (212) 509-4049.
Office Leasing Statistics
CoStar is the world leader in commercial real estate information and has the most comprehensive database of real estate data throughout the US, Canada, UK, France, Germany, and Spain. Costar Group Inc. brands include Loopnet, Emporis, Ten-X, Apartments.com, Homes.com and BizBuySell.
Key Costar New York Office Leasing Indicators:
- Asking Rent/SF: * $51.61*↓
- Vacancy Rate: 19.6% ↑
- Inventory SF: 446M ↑
- Existing Buildings: 1,580 ↑
Opinion:
“Issues that have plagued the New York office market since the onset of the pandemic, such as high vacancies and low demand, persist at the start of 2024.” Costar 4/03/24
The Cost of renting an Office in Popular NYC Neighborhoods*
Grand Central– $55.43. 38th- 47th Street & Fifth- Second Avenue
Plaza– $63.31. 47th- 65th Street & Fifth Avenue- East River
Columbus Circle- $56.98. 50th- 65th Street & Sixth Avenue- Hudson River
Time Square- $43.97. 50th- 42nd Street & Fifth Avenue- East River
Penn Station/Fashion– $44.34. 30th- 42nd Street & Fifth Avenue- Hudson River
Murray Hill- $43.85. 38th- 30th Street & Fifth Avenue- River
U.N. Plaza- $53.93. 48th- 38th Street & Second Avenue- East River
Chelsea- $45.87. 12th- 30th Street & Fifth Avenue- Hudson River. Special Report: Best Chelsea NY Offices for Growing AI and Tech Companies
Grammercy Park- $72.69. 12th- 30th Street & Fifth Avenue- East River. Special Report: Best Gramercy Park NY Offices for Growing AI and Tech Companies
Greenwich Village- $68.39. 12th- East Houston Street & Sixth Avenue- River
Soho- $64.98. East Houston- Canal Street & Sixth Avenue- East River
Hudson Square- $53.87. 12th- Canal Street & Sixth Avenue- River
Tribeca- $67.78. Murray- Canal Street & Church Street- Hudson River
City Hall $41.78. Canal- Vesey Street & Church Street- East River
Financial- $51.67. South Street- Maiden Lane & Broadway- East River. Special Report: Best Downtown NY Offices for Growing AI and Tech Companies
Insurance- $47.82. Brooklyn Bridge- Liberty Street & Broadway- East River
World Trade Center- $49.83. Murray- State Street & Broadway- Hudson River. Special Report: World Trade Center Office Map & Rental Guide
Upper Eastside- $48.71. 110th- 65th Street & Fifth Avenue- East River
Upper Westside- $–.–. Parkway- 64th Street & Central Park West- Hudson River
Harlem/North Manhattan- $47.07. Inwood Park- 110th Street & Harlem- Hudson River
Bronx- $25.33.
Brooklyn- $39.70.
Queens- $41.92.
Staten Island- $34.60.
*Weighted average across neighborhood office buildings as of April 3, 2024.
Manhattan Office Market Trends & Analysis
1. Tenants have the advantage when negotiating new leases and lease renewals.
2. There is intense competition among building owners to rent vacant spaces.
Few buildings can match the amenities included at the newly renovated 22 Vanderbilt.
3. Successful companies are leasing high quality offices in amenity-rich buildings at favorable terms. Class A properties are competing by offering a combination of Tenant Incentives. These include: (a) rent concessions, also called “free rent”; and (b) cash contributions that are used for the construction of new offices. Most Landlords will manage the construction of a new office and deliver a move-in ready workspace.
4. Class B and C properties are competing primarily by offering large rent discounts.
5. Several well capitalized Landlords will deliver your office fully furnished. A portion of this cost may be amortized over the lease term.
Cogent Realty Advisors is a licensed no fee real estate broker that represents companies who lease office space. Call (212) 509-4049.
Real Estate News
Manhattan office leasing takes hit as gap grows between Class A, older buildings
Proposal Revealed Pioneering Life Science Facility In Hudson Yards, Manhattan
Amazon to slash office space — billion-dollar cutbacks spark speculation
Finding the Perfect Office Space is a Big Decision
♦ Cogent Realty Advisors is a licensed New York State commercial realtor founded in 2002.
♦ Cogent Realty represents the interests of commercial Tenants that rent office space.
♦ Tenants pay no fee when using our services.
♦ Cogent provides objective expertise in finding office space and negotiating lease agreements.
♦ Cogent will secure the optimal office space for you with the best terms and pricing.
For help with your office real estate, contact: Mitchell Waldman: (212) 509-4049
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