Finding office space in New York City is more difficult than you might think. If you want to make sure it gets done right, use a tenant rep. We have some great ones and we'd like to help and help for free!
When it comes to office space in New York City, it is a tale of 5 boroughs. Manhattan, Brooklyn, Queens, the Bronx, and Staten Island all offer different styles of space for different types of businesses. Manhattan, with its 430 million square feet of office space is, of course, one of the best known office space markets in the world. The other 4 boroughs also present special opportunities to businesses looking for office space within New York City.
As is well known, New York City’s Midtown Manhattan has the most expensive office space in The City, not to mention among the top 5 in the world. Queens is a little less expensive, but still on the pricier side. Less expensive office space can be found in the Bronx, Brooklyn and Staten Island. Essentially, the closer that you get to the city center, the more expensive the office space is going to be.
So, what is the best way to go about securing office space for lease or rent in New York City? The first thing you should do is take a hard look at what you think you need. Talk with trusted employees to get their feedback. Take into consideration travel times of clients or potential clients, employees and decide where you are most likely to be able to attract the most talented future employees. That is assuming you want to grow our business. The second step is in finding a qualified local office space tenant rep. That is where we can help. What a tenant rep will do for you is to fine tune your needs and wants and compare them with the market realities. From there, together, you can make a plan on how you can achieve what you are looking for in an office.
There is no cost to you for working with a tenant rep. Just like residential real estate they will share in the commissions already set with the listing brokers. You get the benefit without the cost.
If you are looking for New York City office space for rent, lease or sale, let us know by completing the short form on this page. We will have a top LOCAL office space tenant rep contact you right away. There is no obligation, no cost and nothing to lose.
What rapidly growing firm has not considered at one time or another the desirability of having offices in New York City? Not all make the move, but enough have done so to give New York City the most total office space of any U.S. city--some 4.5-million square feet. Although, in general, the vacancy rate tends to be low, it fluctuates with the economic cycle so that, for example, just after the "Great Recession" of 2008 was a favorable moment to seek a bargain on purchase or rent.
Certainly, rentals and sales in the city are high-priced—in some areas sky-high--compared with other cities. And so, the question, and budget calculation, always tends to be: Is it worth? Does the investment in real estate payoff. Can the growth in business and the lifestyle for our employees make the move worthwhile?
America's most populous city (including the five boroughs, not just Manhattan) speaks an estimated 800 languages, has a library (the New York Public) with 50 million books, has a bridge (the Brooklyn Bridge) 12 years older than the Tower of London, has the largest gold storage in the world in vault under the N.Y. Federal Reserve Bank, has 380,000 millionaires, invented the ice cream cone and Eggs Benedict, has Albert Einstein's brain and eyeballs stored in a box, and has no law against women going topless.
Top that, so to speak.
Business benefit of a NYC Office Space for Lease
No, what we are asking, when you cast an eye on New York City and imagine your new office space there is what the city offers your business. We know the cost will be high, so what are the comparable benefits? Almost all, when broadly considered, relate to size itself. The well-known effects of "urban density" are apparent everywhere. The country's single wealthiest metropolis makes possible (and necessary and affordable) a comparable wealth of transportation, cultural institutions, academic medical centers, international news organizations, America's publishing capital, world-class cuisine of every ethnic type, the country's largest airport system—actually, you name it, New York City has it.
To take a few particulars vital to a business's supply of workers, availability of professionals such as lawyers and accounts, flow of customers/sales, ease of shipping, and attraction to top talent:
Human capital: Pulsing with the energy of almost 9.0-million people, with famous universities from Columbia to NYU to Fordham—and as a legendary magnet for the talented and ambitious worldwide--New York City has the human resources to match the needs of a startup, an international bank, a new manufacturing plant, or any professional or creative firm of any size.
Apart from resources of general higher education (and any calculation of that resource must include proximity of New England's premier colleges and universities), the city draws for the globe men and women seeking unbeatable specialized education in medicine, advertising and marketing, journalism, music and theater, architecture, and an infinity of others.
Given the density of Manhattan, many of a business's employees will live within walking distance of work—and be delighted with the new neighborhood and apartment. Otherwise, employers rely on the transportation that brings millions of commuters to work every day from the boroughs, Long Island, New Jersey, and Westchester.
Concentration of leading industries: No industry, or company, is an island. Its suppliers, service providers, shippers, marketing and advertising outlets, and customers are the arterial system that nourishes it. New York City arguably is the economic capital of the world, the most influential market anywhere and the most interconnected.
Most prime business sectors have large office complexes (and other facilities) in New York. From Wall Street to Madison Avenue can be found clusters of firms of world prominence in various industries. Foremost are finance, trade, healthcare, real estate, media, publishing, manufacturing, and information technology. Retail trade and education probably belong on this list; journalism merits mention within the broader class of media.
This intense concentration of certain pivotal industries exerts influence on a national and global scale. That should not be a surprise. If New York City were an independent, sovereign nation its economy would be the 15th largest on the globe.
Health care: Among these industries, we should single out health care as an asset to any prospective business. More than half-a-million New Yorkers are employed in health care, among them 60,000 physicians. As a center for biomedical research and specialized medical services of every stripe, the city boasts 130 Nobel laureates in the medical arena alone. That is called a "concentration"!
Understandably, a business's employees, including top talent reaching their 50's and 60's, view availability of resources needed to stay healthy and active as a requirement, not a perk, of their employer's location.
Availability of finance: The investment capital centered in New York City, generating more than $1 trillion in value every year, does its work worldwide. But, with the NASDAQ and the New York Stock Exchange in Manhattan—and an almost endless roster of banking institutions (Bank of New York Mellon, Bank of American Merrill Lynch, and Bank of the United States, to name but three)—no business can get much sympathy complaining about lack of potential sources of new capital. Not only the size, but the sheer number, breadth, and variety of financial institutions make this world capital of finance the place to grow and leverage growth.
Information technology: Doubtless the dependence of a firm on information technology diverts its glance to California for a possible move or expansion, but if California has Silicon Valley, then Manhattan has Silicon Alley, home to both fresh and promising and already large digital media, data security, software development, and game design. Google stirred a brief political storm early this year when it arrived to occupy a 300,000 square-foot space in Manhattan. For several years, at least, venture capital over $2.0-billon for IT has been raised in the city.
Yes, manufacturing: Some may not readily associate New York City with manufacturing as readily as with finance, say, or advertising. But at a time when manufacturing of goods is still emerging from a difficult period in much of America, producers are still operating in New York City. Among the areas of focus are processed foods, apparel, chemicals—to take but a few examples. Manufacturing, in fact, is a source of both jobs and growth for New York, not least boutique sector of manufacturing.
Transportation: With markets for firms of all sizes going increasingly global, shipping has become virtually synonymous with selling. If your business is in New York City, how will the goods move—and how easily? "On the ground," so to speak, the arrival and departure of goods from New York City is continuous, intense, and demanding of strong scheduling other logistics. But all the needed transportation is not only there, but there in abundance from among the world's most active international ports in New York and New Jersey, to one of the world's largest airport systems, to an elaborate network of bridges, tunnels, and ferries connected to the interstate highway system. On average, some nine million New Yorkers, not to mention businesses, receive several packages every week—a total of many millions of pickups and deliveries—and sending is on the same scale.
The Big Apple Bet
This overview of New York's overwhelming advantages for businesses at every stage of development leaves out far more—and more of the same breathtaking magnitude—as it includes. The greater the vitality and promise a business brings to the city, the more the city's resources will tell for the business's future.
To buy or rent office space in NYC AKA the Big Apple (a nickname that has resonated with New Yorkers ever since Mayor Ed Koch used it) is to risk investing in the unlimited potential for success.
Inescapably, it is a decision to shoot for the "big time." But hey, fella, that's New York!
Be sure to check back with us, for all your information, insights, and updates on office sales and rentals in New York City. And don't hesitate to contact us if you need office space in NYC. Since 1995, we have assisted more than a quarter of a million businesses and are here with the help you need to obtain the best deal possible and avoid costly mistakes for your office in New York City or anywhere else in the US or Canada.
FAQs
How much is it to lease a office in NYC? ›
| Office Space Design | No. of People | Est. Cost per Month |
|---|---|---|
| Private Office Space | 1 to 6 | $150 to $600 |
| Small Office Space | 1 to 4 | $50 to $650 |
| Coworking Hot Desks | 1 to 2 | $50 to $500 |
| Meeting Rooms | 5 to 30 | $30 to $300 |
- Touro College, 3 Times Square.
- KPMG, 2 Manhattan West.
- Franklin Templeton, One Madison Avenue.
- Tiffany & Company, 200 Fifth Avenue.
- D.E. Shaw & Company, 2 Manhattan West.
- HSBC Bank, 66 Hudson Boulevard.
- Mutual of America Financial Group, 320 Park Avenue.
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Average office rent in New York City rested at $76.34 per square foot in 2021.
Is it better to own or lease office space? ›Financial studies have shown that, for a short term, leasing is more cost-effective than buying. However, if you are considering a property where you can make your headquarters for a decade or more, then buying becomes more financially attractive.
How do you negotiate a lease for office space? ›- Evaluate the Length of the Lease. ...
- Research Comparable Rents. ...
- Look for Hidden Costs. ...
- Ask for Favorable Clauses. ...
- Check the Termination Clause Closely.
Subletting is legal in NYC. However, there are certain restrictions to navigate before you put ads on Craigslist. For example, you can only sublet your NYC apartment if the building has four or more units. Additionally, some tough restrictions make it difficult to sublease to a short-term resident.
Who is the biggest landlord in NYC? ›Columbia University is the largest landowner in New York City by number of addresses and manages over 5000 apartments across 150 residential buildings.
Who is the largest tenant in NYC? ›- Wix Lounge. Location: 235 W 23rd Street. Subway: 1 or 2 at 23rd Street. ...
- Ace Hotel. Location: 20 W 29th Street. Subway: N, R at 28th Street. ...
- Caffebene. Location: 816 Broadway. ...
- Intelligentsia Coffee at the High Line Hotel. Location: 180 10th Avenue.
How much is NYC WeWork monthly? ›
Emphasizing convenience and community, WeWork offers custom spaces for remote, part-time employees and companies. Members enjoy 24/7 access plus amenities like printing services, office supplies, and cleaning services. Mailing services and conference space are also available. Hot desk memberships start at $350/month.
Are drinks free at WeWork? ›WeWork is getting rid of free beer and wine on tap in its North American offices — marking a huge culture shift for the coworking company. Instead of beer and wine, WeWork will offer other drinks like kombucha.
How much is office space per square foot in Manhattan 2022? ›The average asking rent for Class A office space in Midtown Manhattan was 82.. 94 U.S. dollars per square foot in the fourth quarter of 2022. It was above the Manhattan average of 81.51 U.S. dollars, but below that of Midtown South, which was the most expensive district at 106.82 U.S. dollars per square foot.
What is the difference between Class A and Class B office space? ›Class A office building would be a building that you would typically see in a downtown setting, that would be a skyscraper, it would have marble and glass lobby, a very fancy decorations, you would see a parking garage. Class B buildings would be of a smaller stature, they may be a mid-rise, or shorter than that.
How do you calculate office space? ›If the office you are looking at is literally just one big room, finding the total square footage is as simple as measuring the length of one wall and the width of the one adjacent to it, then multiplying the two figures.
Do you lose money by lease to own? ›You return the vehicle at lease-end, pay any end-of-lease costs, and walk away. The vehicle will depreciate, but its cash value is yours to use as you like. On the plus side, its future value doesn't affect you financially.
What type of leases are the most common for office? ›A Triple Net Lease (NNN Lease) is the most common type of lease in commercial buildings. In a NNN lease, the rent does not include operating expenses. Operating expenses include utilities, maintenance, property taxes, insurance and property management.
What should I look for in an office lease? ›- Lease Term Type.
- Rent Amount.
- Security Deposit Requirements.
- Permitted Use.
- Exclusive Use.
- Maintenance and Renovations.
- Exterior Appearance.
- Insurance Requirements.
- Rent Liability. This clause states that tenants are jointly and severally liable for the full rent amount. ...
- Severability Clause. ...
- Access to Premises. ...
- Use of Premises. ...
- Holding Over. ...
- Sublet Rules. ...
- Disturbance Clause. ...
- Lessee to Maintain.
During lease negotiations, emphasize that you want their best lease offer. Sometimes you can even negotiate a few hundred dollars off just by paying the “due at signing” amount with a check or cash rather than paying by credit card.
Can you negotiate money down on a lease? ›
Yes, You Can
When it comes to negotiating, leasing is just like buying, and that means that you should feel free to negotiate just as you would when buying a car.
The Cons of Subletting:
If they decide to leave, you will again bear full responsibility for paying the rent. A bad sublessor can ruin your relationship with the landlord. If the subtenant behaved recklessly, you might lose the property as well and ruin your reputation as a tenant.
What are common sublet fees? Percentage of monthly maintenance: The most common sublet fee structure is a regular increase to your monthly maintenance. This sublet surcharge can vary by co-op and can range from 10% to 30% of your monthly maintenance on average.
How do I not get scammed on sublease? ›- Meet with a person locally. ...
- Don't wire funds. ...
- Avoid cashier's checks. ...
- Refrain from giving any financial information. ...
- Avoid renting sight unseen. ...
- Check with the state to see if the landlord is listed with any protection groups, or if any complaints have been filed.
This comes on top of the fact that, as a major metropolis, New York already has significantly higher rents. While the median rent for a one-bedroom apartment is just above $1,769 nationwide, that number is at $2,106 in New York City. In Manhattan, that number can easily surpass $4,000.
What is the highest rent increase allowed in NYC? ›no limit on how much your landlord can increase your rent. However, your landlord must give you advanced written notice before they can raise your rent 5% or more. advance written notice. This applies to month-to-month tenants without a lease as well.
Who owns most of Manhattan? ›| RANK | FIRM/ENTITY | NO. OF BUILDINGS/ VACANT PARCELS |
|---|---|---|
| 1 | SL Green Realty | 73 |
| 2 | Vornado Realty Trust | 77 |
| 3 | Boston Properties | 10 |
| 4 | Tishman Speyer | 36 |
After peaking in July, Manhattan rents have netted a 1 percent decline. “The better descriptor at this point is that rents have continued to move sideways,” said Miller Samuel's Jonathan Miller, the author of the reports. Unlike Manhattan, the national market has seen a consistent slide.
How long can a tenant have guest stay NY? ›You must be present during your guests' stay if it is for less than 30 days. You may have up to two paying guests staying in your household for fewer than 30 days, only if every guest has free and unobstructed access to every room, and each exit within the apartment.
How long do most tenants stay? ›So, how long does a Tenant stay? A quick google search will tell you that for a single-family rental in the United States, you should expect an average tenancy to last about 3 years. And a multi-family/apartment should stay occupied for roughly 2.5 years. So now you have a benchmark by which to judge your performance.
What is the lowest salary in NYC? ›
The current minimum wage rate as of December 31, 2022 in New York state is $14.20 per hour. The minimum wage in New York City is $15.00 per hour for large employers (11 or more employees) and for small employers (10 or less employees). The minimum wage for Long Island and Westchester Counties is $15.00.
What salary is considered low income in NYC? ›What Qualifies as Low Income Housing? A low-income family is typically described as one that lives off of a net income of around $58,000 per year. According to the U.S. Department of Housing and Urban Development (HUD), the median income of an average family in NYC is $70,000 annually.
What are the lowest paying jobs in New York? ›| Rank | Job Title | Average Salary |
|---|---|---|
| 1 | Shampooers | $23,380 |
| 2 | Manicurists And Pedicurists | $24,970 |
| 3 | Combined Food Preparation And Serving Workers, Including Fast Food | $25,470 |
| 4 | Cashiers | $25,540 |
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Can you nap at WeWork? ›The WeWork has two wellness rooms. I looked inside one of them and it has a couch I could sleep on.
Why is WeWork a scandal? ›Investors who bought shares in WeWork prior to the failed IPO file a class-action lawsuit against WeWork and SoftBank. The investors allege that WeWork downplayed losses and overhyped its business plan. McKelvey announces his departure from the company soon after the lawsuit.
Can I work for one day in WeWork? ›How do I sign up for a day pass? To sign up : Select your preferred city and building. Select your preferred date(s)
Can I leave my stuff at WeWork? ›You are welcome to leave your items in your office during your booking, though we recommend taking valuable items with you. Note: WeWork is not responsible for damaged, lost, or stolen items stored or left in the room.
How much office space do I need for 30 people? ›Conference room (20-30 people) = 300 sq ft. Small server room (up to 5 racks) = 40 sq ft. Large server room (up to 30 racks) = 120 sq ft. Kitchenette = 100 sq ft.
What is a good size office space? ›
According to Office Finder, it's best to allow about 175 square feet of space for each person who works in your office. Leaders and executives usually require between 200 and 400 foot square feet. Open office workstations only require about 100 square feet per person.
How many square feet is a 10 person office? ›How much office space for that? The general rule of thumb is to allow anywhere between 125 and 225 usable square feet of office space per person. This of course, depends upon the type and style of the business and the workspace layout.
What does Class B office space mean? ›What is Class B office space? Class B buildings “compete for a wide range of users with rents in the average range for the market.” They're generally nice, fully-functional buildings but don't typically boast the same high-end fixtures, architecture, and striking lobbies as Class A buildings.
What is Class C space? ›Class C. The lowest classification of office building and space is Class C. These are older buildings and are located in less desirable areas and are often in need of extensive renovation. Architecturally, these buildings are the least desirable, and building infrastructure and technology is outdated.
What is Grade B office space? ›What is Grade B Office Specification? The term 'class B office space' refers to property that has been previously occupied and is not quite to the level of quality expected of a grade A office. Grade B office space is considered 'average' and perfectly usable.
How big is 800 square feet office? ›To visualize it better, 800 square feet is about the size of five parking spaces or a little smaller than three school buses combined.
What is the minimum size for office? ›The minimum size for an office is about 70 square feet. This is enough to accommodate a basic workstation with a phone, computer, and single desk.
How much does it cost to rent a space in New York? ›The minimum rent in New York starts from as low as $40 per square foot per year in Boroughs to a maximum of $1000 in places like Park or Madison in Manhattan. The high-end retail space to rent in New York is located on Park Avenue and Madison Avenue.
How long is a lease for office? ›Three to five years in duration, the standard term lease is long enough to provide some flexibility in negotiations and gets the landlord interested in you as a viable prospective tenant.
How much does an office building cost in New York? ›Office space is in high demand in New York City, which has caused prices to increase in recent years. The monthly cost of office space varies a bit depending on the borough in which you are searching, but the most desirable areas will run you between $30.00 and $70.00 per square foot on average.
Why does NYC require 40x rent? ›
Why Do NYC Landlords Ask For 40x the Rent? Landlords ask you to have 40 times the monthly rent as a salary because of the sheer price of living in New York City. However, having 40 times the rent means you'll spend less than 30 percent of your income on rent.
What time of year is rent the cheapest NYC? ›Best versus Worst Times to Rent an Apartment in New York
According to a survey conducted by Renthop, the best time to look for an apartment in NYC is during the off-season months, namely from November to March. Conversely, the worst time to look is during the peak season months, which is from May to September.
Rent Trends
As of January 2023, the average apartment rent in Times Square is $2,915 for a studio, $3,760 for one bedroom, $5,848 for two bedrooms, and $4,782 for three bedrooms.
Short-term vs long-term
A lease is typically at least one year in duration, but may also be available in longer increments (e.g. two-year, five-year, etc.). A rental agreement, however, usually only lasts for 30 days at a time, allowing the tenant to stay there on a month-to-month basis.
The main difference between a lease and rent agreement is the period of time they cover. A rental agreement tends to cover a short term—usually 30 days—while a lease contract is applied to long periods—usually 12 months, although 6 and 18-month contracts are also common.
What is the shortest commercial lease? ›The length of a lease can range from 1 day to 999 years, although typically commercial leases fall for a period between 1 to 25 years.
What are the 4 types of leases? ›There are, in general, four types of leases: the gross lease, the modified gross lease (or net lease), the triple net lease, and the bond lease.
How much does it cost to set up a small office? ›From start to finish, a home office can cost you anywhere between $8,000 to upwards of $15,000. For some, a home office will be as simple as a desk and office chair, others may want a decked-out office with file drawers, custom cabinets, and a media organizer or credenza.