New York Office Report Q1 2025

Photo by Karen Uppal

New York Office Report Q1 2025

New York Office Report Q1 2025 examines rental prices, market trends and leasing strategies. It will help you:

♦ Make Smart Leasing Decisions

♦ Maximize Your Budget

♦ Confidently Navigate the Office Market

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.

New York Office Leasing Statistics

CoStar is the world leader in commercial real estate information, analytics and news. Costar provides the most comprehensive real estate database throughout the US.

Asking Rent/SF: $52.52 ↑*
Vacancy Rate: 18.4% ↓
Inventory SF: 430M ↓
Existing Buildings: 1,540 ↓

*Manhattan offices weighted average.

Opinion:

“Though asking rents have risen slightly over the past year, the sheer amount of space continues to give tenants leverage at the negotiating table.” Costar 4/02/2025

The Cost of Renting an Office in Popular NYC Neighborhoods*

Grand Central– $56.47. 38th- 47th Street & Fifth- Second Avenue. Special Report: Top Midsize Office Spaces Near Grand Central Terminal

Plaza– $66.61. 47th- 65th Street & Fifth Avenue- East River. Special Report: Prime Midtown Offices for Rent

Columbus Circle- $59.51. 50th- 65th Street & Sixth Avenue- Hudson River

Time Square- $47.42. 50th- 42nd Street & Fifth Avenue- East River

Penn Station/Fashion– $41.40. 30th- 42nd Street & Fifth Avenue- Hudson River. Special Report: Low Cost Office Spaces Near Penn Station and Hudson Yards Office for Rent

Murray Hill- $47.29. 38th- 30th Street & Fifth Avenue- River

U.N. Plaza- $56.07. 48th- 38th Street & Second Avenue- East River

Chelsea- $51.43. 12th- 30th Street & Fifth Avenue- Hudson River.

Grammercy Park- $77.32. 12th- 30th Street & Fifth Avenue- East River.

Greenwich Village- $68.17. 12th- East Houston Street & Sixth Avenue- River

Soho- $56.18. East Houston- Canal Street & Sixth Avenue- East River.

Hudson Square- $48.26. 12th- Canal Street & Sixth Avenue- River

Tribeca- $61.33. Murray- Canal Street & Church Street- Hudson River

City Hall $44.86. Canal- Vesey Street & Church Street- East River.

Financial- $52.20. South Street- Maiden Lane & Broadway- East River. Special Report: A Guide to the Top Office Buildings in Downtown NYC

Insurance- $44.48. Brooklyn Bridge- Liberty Street & Broadway- East River.

World Trade Center- $49.79. Murray- State Street & Broadway- Hudson River. Special Report: One World Trade Center Office Rental Guide

Upper Eastside- $111.89. 110th- 65th Street & Fifth Avenue- East River

Upper Westside- $–.–. Cathedral Parkway- 66th Street & Central Park West- Hudson River

Harlem/North Manhattan- $45.51. Inwood Park- 110th Street & Harlem- Hudson River

Bronx- $43.28.

Brooklyn- $41.25.

Queens- $52.20.

Staten Island- $40.81.

*Weighted average of available rent across neighborhood buildings as of 4/02/2025.

ChatGPT Image Apr 4, 2025

5 Trends Benefiting Tenants in the New York Office Market

1. Tenants continue to hold strong negotiating power for both new leases and renewals.

2. Owners of Class A, B, and C office buildings are actively competing to lease vacant space.

3. Flexible lease terms, including shorter durations and fully furnished offices, are increasingly available.

4. Affluent companies are moving into elite office buildings- whether newly constructed or extensively renovated. These properties feature onsite amenities and attractive leasing incentives such as:

Newly prebuilt office suites
Rent abatements
Cash allowances for custom office buildouts

5. Landlords of mid-tier buildings offer rent discounts to attract tenants.

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.