Home of the New York Stock Exchange, Times Square, the Theater District, and countless other landmarks, Manhattan is undoubtedly among the most expensive commercial real estate markets in the United States. On 5th Ave (49th St. - 59th St.), the annual asking rent of retail space reached ***** U.S. dollars per square foot in the first half of 2023. Broadway & 7th Ave (42nd St. - 47th St.) had the second highest rent among Manhattan corridors, with a median asking rent of *** U.S. dollars.

The average monthly asking rent for shopping center space in New York City Metro, NY, increased between 2020 and 2024. Rents peaked at ***** U.S. dollars per square meter in the fourth quarter of 2023, followed by a slight decline in the first quarter of 2024. Hawaii, San Francisco, and San Jose were the markets with the highest average shopping center rent in the U.S.

Brooklyn is the most populous and densely populated county in New York, as well as among one of the most expensive real estate markets in the United States. In the second half of 2023, the average annual asking rent of retail real estate in different corridors in Brooklyn varied between ** and *** U.S. dollars per square foot. North Sixth Street (Driggs Ave - Kent Ave) was the most expensive corridor, with an average square footage rent of *** U.S. dollars.

The average Class B asking rent for office real estate in Manhattan in the fourth quarter of 2023 was ***** U.S. dollars per square foot. The district that reported the highest average Class B rent was Midtown South, where a square foot of space cost ***** U.S. dollars. Between the fourth quarter of 2022 and the fourth quarter of 2023, rents in Midtown South increased, while in Midtown and Downtown, they declined.