MANHATTAN OFFICE SPACE

New York City is arguably the economic and cultural center of the world. Global businesses, public corporations, financial institutions, not for profit organizations all want to have a presence in New York City.

Manhattan is the priciest commercial real estate market in the United States. The next most expensive city is San Francisco.

The vast majority of office space in New York City is leased. Companies generally prefer to invest capital in their business operations rather than real estate. As a result, most available space, be it for office, showroom, loft, medical or retail use is available for rent rather than purchase. Commercial condominiums and cooperative space for sale exists, but it is a small fraction of the total market place.

Manhattan Featured Properties

Below Market Sublease
4,700 SF
$11,358
West 38th Street
Garment District

Office/Showroom
1,393 SF
$3,134
38th Street
Garment/Accessory District

Office/Creative Space
2,233 SF
$5,001
38th Street
Garment District

Office space
3,263 SF
$13,323
Fifth Avenue
Grand Central Station

Office Loft
1,000 SF
$3,500
Broadway
Greenwich Village

Office Space
1,218 SF
$4,770
Madison Avenue
Grand Central Station

Office Loft Sublease
2,000 SF
$7,166
Fifth Avenue
Gramercy Park

Downtown Office Space
2,000 SF
$5,833
Trinity Place
World Trade Center

Office Space
1,745 SF
$4,362
William Street
Financial District

Grand Central Sublease
2,000 SF
$6,333
42nd Street
Grand Central Station

Major Markets and Neighborhoods

The Manhattan commercial real estate market is divided into three major markets. Those markets are Midtown, Midtown South and Downtown.

The vast majority of New York City office space is located in Manhattan, with some commercial space located in Queens, Brooklyn and the Bronx.

Classification of New York City Commercial Property

New York City office space is classified as Class A, Class B and Class C buildings.

Class A Buildings offer:

• -Lobbies that are attended 24/7
• -Cleaning services included in the base rent
• -Property management on premises
• -A high level of capital improvements
• -Air conditioned lobbies and common areas
• -Advanced fire alarm and security systems

Class B buildings are similar to Class A properties with these differences:

• -Less upscale lobbies and common areas
• -Few lobbies are attended 24/7
• -Cleaning services are not included (with the exception of Downtown Manhattan)

Class C buildings:

These properties are usually former warehouse or manufacturing buildings that have been converted to office use. The lobbies run the gamut from nice and acceptable to bare bones and functional. Sometimes the lobbies are attended. Class C buildings are the most affordable properties in New York City.