Mid-Year 2024 Review of the NYC Office Market
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Our Mid-Year 2024 Review of the NYC Office Market includes information on rental rates and trends. It will help you to:
(1) Make Informed Leasing Decisions: Gain detailed insights into office rental prices and availability across sought-after neighborhoods.
(2) Optimize Your Budget: Access valuable information to help you secure the ideal space for your business.
(3) Navigate with Confidence: Utilize reliable market data to streamline your search process.
Cogent Realty Advisors is a licensed no fee real estate broker that represents companies that lease office space. Contact us for help finding and negotiating your next lease. (212) 509-4049.
Office Leasing Statistics
CoSt
ar 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.
Key Costar NYC Office Market Leasing Indicators:
- Asking Rent/SF: * $51.47*↓
- Vacancy Rate: 18.9% ↑
- Inventory SF: 447M ↑
- Existing Buildings: 1,586 ↑
Opinion:
“Issues that have plagued the New York office market since the onset of the pandemic, such as record levels of office availability and limited tenant demand, persist at the start of 24Q2.” Costar 7/01/24
Photo by FreePik
The Cost of renting an Office in Popular NYC Neighborhoods*
Grand Central– $55.13. 38th- 47th Street & Fifth- Second Avenue
Plaza– $62.82. 47th- 65th Street & Fifth Avenue- East River. Special Report: Luxury Office NYC for Financial Firms
Columbus Circle- $57.71. 50th- 65th Street & Sixth Avenue- Hudson River
Time Square- $47.87. 50th- 42nd Street & Fifth Avenue- East River
Penn Station/Fashion– $42.69. 30th- 42nd Street & Fifth Avenue- Hudson River. Special Report: Hudson Yards Office for Rent
Murray Hill- $43.72. 38th- 30th Street & Fifth Avenue- River
U.N. Plaza- $.64.63 48th- 38th Street & Second Avenue- East River
Chelsea- $50.13. 12th- 30th Street & Fifth Avenue- Hudson River. Special Report: Best Chelsea NY Offices for Growing AI and Tech Companies
Grammercy Park- $67.66. 12th- 30th Street & Fifth Avenue- East River. Special Report: Best Gramercy Park NY Offices for Growing AI and Tech Companies
Greenwich Village- $70.17. 12th- East Houston Street & Sixth Avenue- River
Soho- $65.24. East Houston- Canal Street & Sixth Avenue- East River. Special Report: Cost of Renting a SOHO Office
Hudson Square- $54.02. 12th- Canal Street & Sixth Avenue- River
Tribeca- $69.48. Murray- Canal Street & Church Street- Hudson River
City Hall $43.14. Canal- Vesey Street & Church Street- East River. Special Report: Law Office for Lease Near the NY Courts
Financial- $53.73. South Street- Maiden Lane & Broadway- East River
Insurance- $41.62. Brooklyn Bridge- Liberty Street & Broadway- East River. Special Report: Cost of Renting an Office Near Fulton Street Terminal
World Trade Center- $50.21. Murray- State Street & Broadway- Hudson River. Special Report: World Trade Center Office Map & Rental Guide
Upper Eastside- $51.39. 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- $31.78.
Brooklyn- $39.61.
Queens- $41.92.
Staten Island- $32.42.
*Weighted average across neighborhood office buildings as of July 1, 2024.
Insights NYC Office Market
- Tenants hold the upper hand in negotiations for both new leases and lease renewals.
- Building owners face fierce competition to lease out vacant spaces.
- Successful companies are relocating to high-quality offices in buildings with abundant amenities and securing favorable lease terms. Class A properties vie for tenants by offering Tenant Incentives, such as (a) rent concessions, often termed “free rent,” and (b) cash contributions for office construction. Most landlords oversee new office construction, ensuring move-in ready workspaces.
- Class B and C properties primarily attract tenants through rent discounts.
- Some well-capitalized landlords provide fully furnished move-in ready offices, allowing the cost to be spread over the lease term.
Cogent Realty Advisors is a licensed no fee real estate broker that represents companies that lease office space. Contact us for help finding and negotiating your next lease. (212) 509-4049.
Real Estate News
Brookfield Property advertisement encouraging businesses to return to the office.
Park Avenue office availability now under 9% — half of Midtown’s [More proof that the flight to quality is real.]
Office Tower Housing Part of Manhattan’s Famed Saks Flagship Seeks Residential Conversion [Residential conversion is one solution for vacant office buildings, but relatively few have a compatible design.]
What Does a Quality Office Workplace Smell Like? [Is a signature office scent really a thing?]
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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