Sublet Office Space for Lease and Rent in Manhattan and NYC
Subleasing commercial office space in Manhattan is often very cost-effective. Large and small commercial tenants are motivated to offer space at below-market rates and on competitive terms when they need to vacate their space before their lease expires. Moreover, sublet opportunities for office, loft, showroom, medical and retail space are in ample supply.
If you’re a company looking for a tenant to take over the remainder of your lease, you may find a more robust market than you realized. Accordingly, you can list your space here.
Subleasing commercial office space in New York City can reduce your real estate rental costs. Additionally, your company can benefit when large and small companies are motivated to sublease their space at below-market rents. Furthermore, you can negotiate competitive sublease terms when the sublessor needs to vacate before their lease ends.
Metro Manhattan Office Space has successfully navigated the Manhattan office sublet market for 17 years. We have brokered hundreds of leases for office space in New York City by leveraging our knowledge of available listings, landlords, and buildings. In addition, we always aim to secure favorable lease terms while reducing your long-term expenses. Browse our listings or call us at (212) 444-2241 for access to thousands of properties not currently listed on our site:
Are you a commercial tenant with excess space you would like to sublet?
Please call us at the number above. We will be happy to help you list your excess space on this website.
Benefits of Subleasing Space in Manhattan
- Reduced (below market) rents offer excellent value.
- It’s possible to find spaces in great condition.
- Furniture, cabinetry, and telecommunications often come with the package.
- Short lease terms allow startups and growing businesses to secure office space without long-term lease commitments.
- Potentially reduced security deposit.
- Reduced upfront costs.
Current Average Cost to Sublease Space in Manhattan
(Updated September 2022)
- Class A Buildings: $43 to $130 per square foot
- Class B Buildings: $33 to $80 per square foot
- Class C Buildings: $25 to $55 per square foot
Important Information for Subleasing Office Space in Manhattan
Sub-lessors typically offer space in “as is” condition.
You, as the sub-tenant, are responsible, usually at your own cost, for hiring a contractor and filing for permits. Hence, it will often fall on your shoulders to improve the space if necessary.
If the over-tenant’s financial situation isn’t strong, your tenancy and security deposit could be at risk.
Before signing a sublease, review the over-tenant’s financial condition. In addition, ask your broker to request the last two years of their financial statements.
All sub-lease agreements are subject to the landlord’s consent.
The landlord must typically notify you within 30 to 90 days if they have approved the sub-tenancy. Therefore, if you need to move into your new space sooner, you may have to seek other alternatives.
A sublease does not provide the benefit of establishing a direct relationship with the landlord.
This relationship can be useful if you may need to expand within the building (or another building owned by the landlord) later.
The terms of the master lease between the landlord and the sub-lessor apply to you.
Be sure to have your real estate attorney review the master lease and the sublease agreement.
Metro Manhattan Office Space is ready to assist you in finding quality New York City office sublet space. Furthermore, we will help clarify any of the following issues:
- Effect of a master lease on a sub-tenant.
- Potential costs incurred by a sub-tenant in acquiring new space.
- Any outstanding payments due to the landlord that you will need to cover.
- If the sublease space meets your needs in “as is” condition.
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 today and utilize our 17 years of specialized commercial real estate experience in New York City.
