Commercial Office Space for Lease and Rent in Manhattan and NYC
Find the perfect Commercial Office Space Space for Rent in NYC with Metro Manhattan! Browse our commercial space listings: Office Space, Loft Space, Retail Space, Law Firm Space, Medical Space, Life Sciences and Biotech Space, Startup Office Space or Sublet Space.
The first office buildings in New York City were built as early as the mid-1800’s. By the year 1870, seven to ten story buildings with elevators had started to appear. New York’s long history means that today’s commercial office space market is complex and mature. Whether you are a new or experienced tenant, you will undoubtedly benefit from the experience of a commercial realtor to help fulfill your requirements while avoiding pitfalls, wasted time and financial losses. Metro Manhattan Office Space is ready to assist you with your search for office space.
For over 17 years, Metro Manhattan Office Space has successfully negotiated many hundreds of leases for office space in New York City. Make use of our knowledge of the available listings, landlords and buildings, and take advantage of record low square footage costs in 2021 by securing a highly favorable long-term lease to reduce your business’s long-term real estate costs. Browse our listings or call us for access to thousands of properties not currently listed on our site: (212) 444-2241
What kind of commercial office space do you need?
- Financial services firms value traditional office space in Class-A buildings with a full range of amenities
- Accounting firms often lease conservative office intensive space with drop ceilings
- Advertising and PR agencies prefer loft space with high ceilings, style and an abundance of natural light
- Legal services firms prefer office intensive space that can be at any location, with many preferring to be downtown near to City Hall and the court-houses. They require private offices for partners and associates and conference rooms for meetings as well as open areas for paralegals.
- Tech firms prefer hip and stylish commercial loft space in former factory buildings and warehouses. Midtown South is a popular area for tech companies, dubbed the “Silicon Valley” of Manhattan
- Medical facilities prefer spaces in safe neighborhoods within clean, well-kept buildings that make their clients feel comfortable. Many physicians and healthcare providers lease or purchase office space near major hospitals such as Mount Sinai or New York Presbyterian located on the Upper East Side.
Current Average Office Space Leasing Costs in Manhattan
(Updated Mar. 2021)
Class A Buildings: $45 to $130 per square foot
Class B Buildings: $33 to $80 per square foot
Class C Buildings: $26 to $55 per square foot
Common Tenant Considerations for Commercial Space
- Location, proximity to primary clients
- Ability to expand within building
- Access to public transportation for employees
- Building amenities (gyms, waiting areas, bathrooms, shops etc)
- Telecommunications (fiber internet access, VoIP, 4G/5G cellular availability etc.)
- Nearby parking facilities
- Building security
- Visibility and style
- Neighboring tenants
- Office space buildout, signage and other customizations
- Favorable long-term lease terms
- Overall leasing costs
Leasing Commercial Office Space in Manhattan is a Nuanced Process
Landlords often offer “Prebuilt Space”. Prebuilt space is built to generic layouts that are commonly in demand. Offices are built, painted, electrical distribution is installed and floor treatment is performed. Tenants looking for more upscale space can locate excellent prebuilt space in Class A and B buildings.
Unlike residential properties that are often move-in ready, most commercial office space in Manhattan typically requires modification. This can include new flooring, painting, cleaning, lighting, constructing offices, conference rooms etc. This is called a “buildout”. In many cases, the landlord will invest their own funds to renovate the space for your tenancy. As part of the buildout process, landlords will often provide architectural planning and file for construction permits on behalf of the tenant.
Typically, renovations/buildout would be required if:
- Space is offered in “white box” condition and needs to be built from scratch.
- Space is a second or third generation buildout and needs modifications (for example, small adjacent offices needing to be combined into larger executive offices, or a large open area being divided into small offices).
- Space is a second or third generation office that needs cosmetic work such as paint and in some cases, carpet.
Landlords generally offer a “tenant improvement allowance” or “TI”. The amount offered is based on the length of the lease. Longer leases warrant larger TI allowances. When landlords build on behalf of a tenant, they provide TI and will build to a maximum cost (cap). If the cost of the work exceeds the cap, the tenant pays the difference.
The involvement of a commercial realtor from Metro Manhattan Office Space provides you with leverage, allowing you to compare multiple properties and offerings from landlords – letting you select the most beneficial and cost-effective option. We strive to obtain the maximum buildout allowance from landlords for the tenants we represent. This is a nuanced process of give-and-take, with many factors involved. Our input will help you avoid a situation where an overly unyielding landlord forces you into a costly arrangement that results in financial losses, wasted time and other long-term problems for your business.
Do Commercial Tenants Pay Property Taxes in NYC?
See our video with extra tips on this subject. New York City commercial tenants usually pay their proportionate share of real estate tax increases over base year. Occasionally, it is possible to “negotiate out” liability for real estate taxes if the tenant is willing to pay a greater annual rent escalation. Note that real estate tax increases occur at an uneven rate.
Ready to get help?
Talking to us will give you new insights. Our job is to protect your interests and save you money. Call us at (212) 444-2241 and make use of our 17 years of specialized commercial real estate experience in Manhattan.
New York Office Building “Classes”
Regardless of whether you need traditional office space, an open plan commercial loft or a short-term executive office suite, it is helpful to understand the differences between “A”, “B” or “C” office buildings:
Class A Buildings: Prestigious and Luxurious
- Lobbies attended by staff 24/7
- Air-conditioned lobbies and common areas
- Property management on premises
- High level of capital improvements
- Cleaning services included in the base rents
- Advanced fire alarm and security systems
Class B Buildings: Affordable & Functional
- Traditional lobbies and corridors
- 24/7 tenant access
- Attended lobbies, mostly during business hours
Class C Buildings: Bare Bones and Cost Effective
Class C buildings offer the most affordable NYC office space for lease. They are usually former warehouse or manufacturing buildings converted to office use. In some cases attended, the lobbies may range from nice and acceptable to bare bones and functional. Class C buildings are great for start-ups that are seeking an inexpensive office space to lease in NYC.
Frequently Asked Questions
How do you lease office space in Manhattan and NYC?
You lease office space in Manhattan and NYC by calling an office space rental agency and asking them to show you worthwhile space based on your parameters and budget. Once you choose a space, your broker will help you submit offers on spaces that you like and complete the leasing process once your offer is accepted.
What is the average price per square foot in Manhattan and NYC?
The average price per square foot in Manhattan is $50.
How much should a business pay for office space rent?
A business should never pay more than 33% of their gross revenue for rent.
What is the average commercial rent increase per year?
Average commercial rent increases are 2.5% per year.
How long is the average commercial lease?
The average commercial lease is 5 years.
How much does it cost to rent a co-working space in Manhattan and NYC?
It costs as little as $150 a month to rent a co-working space in Manhattan.
How do you negotiate with a commercial landlord?
You negotiate with a commercial landlord by submitting formal offers and counter offers detailing proposed business terms.
Who are the biggest landlords in Manhattan and NYC?
The biggest landlords in New York City are SL Green Realty Trust, Vornado Realty Trust, Brookfield properties, and Tishman Spire.