Rent Discounted Offices in the Plaza District

Photo by Eva Klanduchova

Discounted offices in the Plaza District can now be rented in many buildings.
The Plaza District office rental market has been hard hit by hybrid and remote work.
The economic impact of these shifts has left landlords struggling to fill vacancies.
Building owners are reducing rent and boosting free rent to attract new Tenants.
This is a historic opportunity to lease improved office space at a bargain price.

Contact Cogent Realty Advisors (212) 509-4049

Plaza District Office Market by the Numbers

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 Plaza District Office Market Indicators

The Plaza District spans 47th- 65th Street and Fifth Avenue- East River. This neighborhood is well-known for iconic buildings, corporate HQs, luxury shops, exclusive dining and Central Park.

Asking Rent/SF: $62.95¹ ↓* (*Weighted average across Manhattan office buildings.)
Vacancy Rate: 15.9%² ↑
Inventory SF: 74.9M –
Existing Buildings: 189 –

Note: ¹Average asking rent across all office building classes. ²Vacancy includes direct and sublease offices.

Costar reports: “Limited deal activity and record-high availability have created a leasing environment where tenants hold all the leverage. Market participants note that rents have become highly negotiable as discounts to the asking rent are easily applied and concessions, particularly free rent, are now higher compared to years past.”