Manhattan Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $68.11 2024 Avg. Asking Rent
  • -2.71% Y-o-Y Avg. Asking Rent Change
  • 16.64% 2024 Office Vacancy Rate
  • $4B2024 Total Office Sales
  • $365.61Avg. Sale Price/SF

Manhattan office price per square foot in 2024 was $68.11 on average. This marked a -2.71% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.64% across all asset classes combined. The 46 transactions that closed here throughout 2024 amounted to a total sale volume of $4B. Manhattan office space commanded an average sale price per square foot of $365.61.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Manhattan Class A & A+ Office Space$77.52
  • Manhattan Class B Office Space$61.86
  • Manhattan Class C Office Space$50.88
  • New York Class A & A+ Office Space$59.04
  • New York Class B Office Space$43.55
  • New York Class C Office Space$35.67

Manhattan, NY Office Asking Rents by Class

Average office rent in Manhattan rested at $68.11 per square foot in 2024. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Manhattan averaged $77.52 per square foot. Across all submarkets, class B office space recorded an average asking rent of $61.86 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $50.88 per square foot, on average. Comparably, statewide New York average office rents by class in 2024 were: $59.04 per square foot for class A office space; $43.55 per square foot for class B office space; $35.67 per square foot for class C office space.

2024 Office Vacancy Rates in Manhattan

Submarket Asking Rents Vacancy Rates
East Village $94.79 12.16%
United Nations - Turtle Bay $92.96 12.28%
Hudson Square $83.79 28.91%
Gramercy Park $81.63 18.11%
Plaza District $78.69 13.37%
Tribeca $75.45 23.07%
Murray Hill $67.69 17.32%
Harlem - North Manhattan $62.92 21.31%
Chelsea $62.54 17.98%
Soho $61.96 24.06%
World Trade Center $61.37 12.87%
Times Square - Hell's Kitchen $57.89 16.36%
Financial District $57.64 19.32%
Greenwich Village $55.73 30.54%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Manhattan market was 16.64% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Manhattan was 12.16% in the East Village submarket, while the highest office vacancy in the market was 30.54%, recorded in Greenwich Village.

Office Spaces for Rent in New York

Manhattan Office Sale Price per SF

  • $365.612024 Avg. Price per SF
  • $4B2024 Office Sales Volume
  • 462024 Number of Transactions

Manhattan, NY Sale Price per SF Trend

  • Manhattan Avg. Sale Price per SF in 2024$365.61
  • New York Avg. Sale Price per SF in 2024$291.24
The sale price for office space in Manhattan averaged $365.61 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $291.24 per square foot.

2024 Office Sales Volume

  • Manhattan, NY Total Office Sales Volume in 2024 $4B
  • Manhattan, NY Total Number of Office Sales Closed in 2024 46
A total of 46 deals closed on the Manhattan office market in 2024, adding up to a yearly sales volume of $4B. Notably, the largest transaction on the market saw 980 Madison Avenue change hands for $560,000,000 on 6/6/2024.

Largest Manhattan Office Sales in 2024

Property name Address Date Price
980 Madison Avenue 980 Madison Avenue 6/6/2024 $560,000,000
250 Park Avenue 250 Park Avenue 8/21/2024 $320,152,500
180 Maiden Lane 180 Maiden Lane 7/11/2024 $297,000,000
799 Broadway 799 Broadway 11/26/2024 $255,000,000
1740 Broadway 1740 Broadway 4/24/2024 $185,895,500
Data provided by Commercial Edge

Coworking Spaces in New York

2024 Office Construction in Manhattan, NY

  • Manhattan, NY Total SF completed in 2024 1,416,197
  • Manhattan, NY Total SF under construction in 2025 4,842,979

During 2024, 1,416,197 square feet of new office space were delivered across the market. At the close of 2024, the Manhattan office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 1,416,197 square feet of office space. Looking forward, development activity throughout 2025 is estimated to add 4,842,979 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Manhattan
Office building Address SF Completed
1520 1st Avenue 1520 1st Avenue, 10075 435,000 2025
Urban League Empowerment Center 121 West 125th Street, 10027 201,500 2025
Le Gallerie 132 West 14th Street, 10011 62,144 2024
PENN 2 2 Pennsylvania Plaza, 10001 1,707,000 2023
West End Labs 125 West End Avenue, 10023 400,000 2023
141 East Houston Street 141 East Houston Street, 10002 60,372 2023
50 Hudson Yards 415 10th Avenue, 10001 2,900,000 2022
50 Hudson Yards 50 Hudson Yards, 10001 2,891,194 2022
425 Park Avenue 425 Park Avenue, 10022 688,461 2022
1245 Broadway 1245 Broadway, 10001 200,000 2022

Worth noting among recent office completions on the Manhattan market is 1520 1st Avenue, which is currently the largest new office development in the city, at 435,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Manhattan commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.