The availability rate of offices in Manhattan rose in all districts between the fourth quarter of 2022 and the fourth quarter of 2023. The average availability rate was 17.9 percent in 2023. The Midtown district had the lowest availability rate in that quarter, at 15.9 percent. Conversely, Downtown Manhattan had the highest share of available offices, at 20.9 percent.

The availability rate of office space in Downtown Manhattan in the fourth quarter of 2023 varied across submarkets. The Financial District had the highest availability rate of **** percent while City Hall had the lowest availability rate of ** percent.

The availability rate of office space in Midtown Manhattan in the second quarter of 2023 was significantly different across submarkets. While an availability rate of 17.7 percent was reported in Grand Central, only 3.8 percent of office space was available in U.N. Plaza.

List of Commercial space for recording and sound production in New York City. This is a list of studios which have requested to be included, rather than a comprehensive list of NYC facilities.

The amount of office space in Midtown Manhattan amounted to ***** million square feet in the first quarter of 2024. This was the largest district in terms of office inventory, followed by Midtown South and Downtown Manhattan. Importance of New York for office spaceManhattan is the most famous borough of New York City, and is home to the headquarters of many international organizations as well as multinational corporations, such as the United Nations, Citi and Pfizer. The borough is also located on an island in the middle of the city, which means that the volume of space is limited in supply and that real estate is in high demand there. Asking rents in the borough are, consequently, very high. Availability of office spaceThe availability rate of office space in Manhattan varies between the districts, but is almost ** percent on average. This means that roughly ** percent of total rentable space is available.

The average asking rent for Class A office space in Midtown Manhattan was ***** U.S. dollars per square foot in the first quarter of 2024. It was above the Manhattan average of ***** U.S. dollars, but below that of Midtown South, which was the most expensive district at ****** U.S. dollars per square foot. What is Class A real estate?Class A real estate refers to the best properties in terms of appearance, age, quality of infrastructure and location. These properties usually command the highest rental rates, due to their high quality. In the U.S., Manhattan has the most expensive rents for Class A offices.Midtown vs Midtown SouthMidtown Manhattan contains the Empire State Building, MoMA, Grand Central Station, and the United Nations Headquarters. The most expensive submarket there was Plaza District in 2024. Meanwhile, Midtown South is home to Madison Square Garden, Pennsylvania Station, Hudson Yards, and Koreatown. In 2024, the most expensive submarket there was Hudson Yards, followed by Chelsea and Hudson Square.

The average asking rent for office space in Midtown Manhattan in the fourth quarter of 2023 was highest in the Plaza District. The square foot of space cost 93.3 U.S. dollars to rent in that quarter. The cheapest submarket to rent office space was Columbus Circle, where a square foot cost 68.32 U.S. dollars. Times Square was the only district where the average rent rose between the fourth quarter of 2022 and the fourth quarter of 2023.

The average asking rent in Manhattan in the fourth quarter of 2023 declined slightly. The asking rent in Midtown South Manhattan amounted to ***** U.S. dollars per square foot, making it the most expensive district. Downtown Manhattan was the cheapest to rent, at ***** U.S. dollars per square foot.

In 2018, flexible office space in Manhattan amounted to **** million square feet. Flexible office space refers to the workspace with a flexibility over location, size, term and additional services.

Between 2022 and 2023, the Insurance District was the only submarket in Downtown Manhattan where the average office rent increased. The average asking rent for office space in Downtown Manhattan was the highest in Tribeca where a square foot of space cost ***** U.S. dollars to rent in the 4th quarter of 2023. The cheapest submarket to rent office space was City Hall with ***** U.S. dollars rent per square foot.

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.

As of second quarter of 2019, WeWork was the leading flexible office space operator with over *** million square feet space in Manhattan. In 2018, the coworking space company generated over *** billion U.S. dollars in revenue from its leased office spaces.

Among the ** markets with the largest class A office real estate inventory in the United States, eight experienced positive absorption rates during the fourth quarter of 2023. Dallas-Fort Worth, had the highest absorption rate at almost ******* square feet, meaning that the amount of space physically occupied was ******* square meters more than the amount of space vacated. Manhattan, the largest U.S. office market, had the second-highest absorption rate. Despite a difficult 2022, the demand in the office sector is forecast to pick up, with net absorption increasing until 2027.

Footprint outlines of buildings in New York City. Please see the following link for additional documentation: https://github.com/CityOfNewYork/nyc-geo-metadata/blob/master/Metadata/Metadata_BuildingFootprints.md

P Layers are the centroid layers for the Building and Building Historic layers. They contain the same data as those layers but are represented as points instead of polygons.

For additional resources, please refer to https://nycmaps-nyc.hub.arcgis.com/search?tags=building&type=feature%2520service%2Cfeature%2520layer

Rental rates in the United States increased steadily since 2008. In 2023, the producer price index for gross rent in office buildings reached ***** index points. This means that between 2008 when the index value was set to 100 and 2023, gross office rents grew by about ** percent. Manhattan, San Francisco, and Boston are among the biggest and most expensive markets for office space in the United States.

In Texas, Austin was the most expensive market for office space in the second quarter of 2024. The rental rate of class A offices was nearly ** U.S. dollars per square foot, compared to ** U.S. dollars per square foot for El Paso. Dallas, which is the largest office real estate market in the state, had rental rates of about **** U.S. dollars for all classes and **** U.S. dollars for class A offices. In the United States, Manhattan, San Francisco, and Silicon Valley-South Bay fetch the highest office rental rates.

The Department of Citywide Administration was the tenant with the largest office real estate lease deal in the second quarter of 2023. The Department of Citywide Administration leased approximately ******* square feet of office space in Manhattan, which was the largest office lease in that quarter.

The average Class B asking rent for office real estate in Midtown, Manhattan in the fourth quarter of 2023 varied by submarket. Columbus circle had the highest average Class B rent of ***** U.S. dollars per square foot, while Times Square had the lowest rate of ***** U.S. dollars per square foot. The average class B asking rent in Midtown was ***** U.S. dollars in that quarter.

Manhattan, NY, was the market where renting an office was most expensive in the United States in 2023. The average annual quoted square footage rent of office space was close to ** U.S. dollars in the fourth quarter of the year. Only one other market - East Bay - came close to this rental rate. In Washington D.C., the market with the second-largest inventory of class A downtown offices, the annual rent amounted to approximately ** U.S. dollars per square foot. Since the onset of the coronavirus pandemic, the office real estate sector has been suffering an increase in office vacancies, affecting both downtown and suburban properties.

This statistic shows the leading private office tenants in New York City as of ***********, by space. WeWork was the largest private office tenant in New York City with **** million square feet.