Leasing Space for Office Use in Manhattan and Greater New York City
For over 16 years, Metro Manhattan Office Space has successfully brokered 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:
- Financial Firms
- Law Firms and Legal Services
- Health Care & Medical
- Accounting Firms
- Advertising Agencies
- Public Relations
- Not for Profits, NGOs, Consulates and Embassies
Current Average Office Space Leasing Costs in Manhattan
(Updated Feb. 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
(see explanation about building classes here)
Common Tenant Considerations
- 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.)
- Elevator availability (number of elevators, speed, condition etc)
- Underground parking
- Building security
- Visibility and prestige
- Neighboring tenants
- Office space build-out, signage and other customizations
- Favorable long-term lease terms
- Overall leasing costs
Popular Neighborhoods for Traditional Office Space
Office Space in Downtown Manhattan appeals to larger companies and companies that regularly deal with the needs of larger customers. Larger law firms prefer downtown locations to be close to City Hall and courthouses in its vicinity. Businesses in the financial sector operate downtown in proximity to Wall Street and major stock exchanges. Whether you operate in finance or legal services, a Downtown Manhattan location represents a key global business location for your company, which will be recognized worldwide by all of your international customers.
The increased cost of leasing a Downtown Manhattan Office Space is justified not only by the location itself, but the more desirable building class (typically Class A), which provides ample benefits to all of your customers and employees. If you are looking for top talent within your industry, a location in Downtown Manhattan grants a level of industry presence which attracts people who have worked with other Fortune 500 companies in the area, and have the skills to give your company a major competitive edge.
The market’s competitive office inventory of just under 90 million square feet features some of the city’s most iconic landmarks, but also some of its most historic and important sites. The site of the World Trade Center has been fully revamped featuring the Oculus transit hub and brand new, trophy-level office towers including One World Trade Center, the tallest skyscraper in the Western Hemisphere.
Consisting of the city’s financial engine and its Insurance District, as well as housing its public administration and judicial system, Lower Manhattan offers a significant office inventory, available on a wide array of prices and amenity levels.
At over 242 million square feet of office, Midtown is the largest of three subdivisions that make up the Manhattan office market. Home to some of Manhattan’s most iconic landmarks such as the Empire State Building and the Chrysler Building, Midtown is also where some of Manhattan’s fastest growth is occurring.
Among notable developments, One Vanderbilt is a 67 floor $3.3B skyscraper that was completed in late 2020 and offers 1,750,212 sqft of Class A office space in Midtown Manhattan. See our video about this building here.
There are plans to demolish the Grand Hyatt Hotel (historically known as The Commodore Hotel), located directly East of Grand Central Terminal, and replace it with a 1,645-foot, 89 story office, and hotel tower. The building would be more than 3,000,000 square feet and be among the tallest buildings in Midtown Manhattan when completed in 2030. Project Commodore would add to the modern state of the art Class-A office space in Midtown East.
The Hudson Yards redevelopment project is home to office towers designed by Skidmore, Owings & Merrill and Diller Scofidio + Renfro, the nexus point of Midtown’s Western real estate renaissance. To the East, the United Nations building anchors a strong and stabilized office submarket, where diplomatic missions and consulates provide consistent occupancy and low-risk leases.
Midtown South has the largest inventory of former industrial buildings with loft space perfectly tailored for young creative businesses, both established or start-ups. This hip area that includes The Flatiron District, NoMad, Chelsea and Union Square attracts emerging industries like social media, renewable energy, virtual currency (Bitcoin and others), mobile computing and software development.
Major Transportation Hubs for Commuting to Office Space in Manhattan and Greater New York City
Manhattan has a well-established public transit system which has enjoyed a recent revival with the new Moynihan Train Hall that opened in 2021 and the planned demolition and replacement of the Port Authority Bus Terminal. Here are some of the major transit stations and hubs that service Manhattan, to help you determine the ideal location for your office.
Major rail stations:
- New York Penn Station, which is served by Amtrak, Long Island Rail Road, New Jersey Transit, and the New York City Subway
- Grand Central Terminal, which is served by Metro-North Railroad and the New York City Subway
- Jamaica Station, which is served by Long Island Rail Road, New York City Subway, and AirTrain JFK
- Atlantic Terminal, which is served by the New York City Subway and Long Island Rail Road
- Newark Penn Station, which is served by Amtrak, New Jersey Transit, PATH and Newark Light Rail
- Hoboken Terminal, which is served by New Jersey Transit, Metro-North Railroad, PATH, Hudson-Bergen Light Rail, and NY Waterway
- Harlem–125th Street Station, which is served by Metro-North Railroad and the New York City Subway
Major bus hubs:
- Port Authority Bus Terminal, served by commuter and intercity buses. The busiest bus station in the United States, the terminal serves both commuter routes, mainly operated by New Jersey Transit, and national routes operated by private companies, such as Greyhound and Peter Pan.
- George Washington Bridge Bus Station, also served by commuter and some intercity buses. Most commuter buses are from New Jersey and Rockland County.
- Penn Station is used by BoltBus, Megabus, Tripper Bus and Vamoose Bus.
- Chinatown, including the corner of East Broadway and Forsyth Street, where several intercity Chinatown buses have a common terminus.
Major Institutional Landlords for Office Space in Manhattan
A great deal of office space in Manhattan is owned and operated by institutional landlords. With vast portfolios and excellent management, properties owned by these companies can make an excellent choice for a tenant who requires a reliable and worry-free long term office lease.
A list of major institutional landlords in Manhattan (from larger to smaller):
- SL Green Realty
- Vornado Realty
- Brookfield Properties
- Tishman Speyer
- RXR Realty
- Silverstein Properties
- Rudin Management
- The Durst Organization
- Boston Properties
- Empire State Realty Trust
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.