NEW YORK CITY OFFICE SPACE LEADER
Pay the least rent, avoid expensive mistakes and make certain your company negotiates the best Manhattan commercial real estate office space lease.
Tenant/buyer representation is free, the landlord pays our commission. CrossTown Commercial Properties, LLC represents your interests, not those of the commercial landlord or leasing company.
We track every lease, sub-lease and purchase of traditional Manhattan office space, loft space, and retail space in the New York City commercial real estate market. That is why we can negotiate the lowest base rent/purchase price and the maximum landlord concessions (free rent, construction, minimum security deposit).
Find Manhattan Office Space
- 3300 Commercial Buildings
- 475 Class A Properties
- 115 Class B Properties
- 475 Class C Properties
- Commercial Co-ops & Condominiums
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Let us sift through thousands of Manhattan commercial real estate listings to identify office space listings and buildings that meet your unique New York City office space requirement.
- CrossTown Commercial Properties will contact you within 30 minutes to analyze your NYC office space/commercial real estate requirement.
- We will sift through thousands of Manhattan commercial real estate listings to identify office space and buildings that meet your criteria.
- We will track new deliveries to the market of Manhattan commercial office, retail, loft or showroom space and inform you of below market lease, sub-lease or purchase opportunities.
- We will escort you on selected property Manhattan commercial real estate inspections, provide you with floor plans, office space photos, detailed property reports and guide you with legal, architectural, telecommunication and moving issues.
MARKET OVERVIEW: NEW YORK CITY COMMERCIAL REAL ESTATE
New York City commercial office space rents continue to increase, while vacancy rates are declining sharply. Demand for Manhattan rental office space is very strong, driven by employment and economic growth. Development of new commercial office space has been limited and not kept pace with demand.
Mid-Town South Office Space:
The overall office space vacancy rate of 5.3%. Chelsea has the lowest asking rents and greatest availability, with office space rents in class C loft buildings in the high $20s per square foot. Soho has become a particularly tight market with rents approaching and in some cases exceeding $50.00 per square foot.
Mid-Town Manhattan Office Space:
The Plaza District is the strongest submarket with base office space rents averaging $73.23 per square foot and a vacancy rate of only 4.1%. Rents in Grand Central average $55.21 per square foot. The Penn Plaza/Garment District is more competitive with the average price per rentable square at $38.46.
Lower Manhattan Office Space:
Commercial office space rents are substantially lower in the Financial District, World Trade Center and City Hall submarkets than in Mid-town Manhattan and Mid-town South. Furthermore, tenants are eligible for CRP (Commercial Revitalization Program) government incentive benefits until their April 2007 expiration (worth up to $10.00 per square foot) and the Lower Manhattan Relocation Program (LMREAP), which is worth $3,000 per employee for up to twelve years.
