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 have a need to vacate their space prior to the expiration of their lease. Sublet opportunities for office, loft, showroom, medical and retail space are in ample supply.
For over 17 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:
Are you a commercial tenant with excess space that you would like to sublet? Please call us at the number above and 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 great value
- It’s possible to find spaces in great condition
- Furniture, cabinetry and telecommunications are often included
- 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 Jun. 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
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 (if necessary) in order to make improvements to the space.
- Before signing a sub-lease, review the over-tenant’s financial condition. Ask your broker to request the last two years of their financial statements. If the over-tenant’s financial situation isn’t strong, your subtenancy and your security deposit could be at risk.
- 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. If you need to move into your new space sooner than that, you may have to seek other alternatives.
- A sublease does not provide you 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) at a later time.
- You are bound by the terms and conditions of the master lease between the landlord and the sub-lessor. Be sure to have your real estate attorney review the master lease as well as the sublease agreement.
Metro Manhattan Office Space is ready to assist you with finding the right sublet office space in NYC. We will also help clarify any of the following issues:
- Effect of a master lease on a subtenant
- Potential costs incurred by subtenant in acquiring their new space
- Are there any outstanding payments due to the landlord that need to be paid by you?
- Does the sublease space meet your business 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 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 inexpensive office space to lease in NYC.