1142 Park Ave$38.24 – $46.55/SF/yr NNN
New York City Commercial Real Estate Market
New York City CRE market data: 190 buildings, 82,937,400 SF of inventory, Office vacancy 21.1% and average asking rent $78.15/SF. Browse 190 live listings.
190Buildings tracked
82,937,400 SFInventory
2,191,396Population
2.2%Employment growth
190Live listings
14Submarkets
New York City fundamentals by property type
| Property type | Buildings | Inventory SF | Vacancy | Avg asking rent | Rent YoY | Avg cap rate | Avg $/SF |
|---|---|---|---|---|---|---|---|
| Office | 140 | 74,305,200 | 21.1% | $78.15 | 4.9% | 7.29% | $244 |
| Multi-Family | 19 | 5,302,900 | 7.7% | $20.71 | -0.2% | 5.57% | $197 |
| Retail | 22 | 2,047,100 | 14.4% | $37.62 | 1.2% | 6.95% | $151 |
Vacancy, asking rent and cap-rate series are maintained per market and property type and re-cut nightly. Full 12-quarter history, absorption and construction pipeline are in the RealStar.
Featured New York City listings
Pinnacle CenterRate on request
Republic Point$61.50 – $74.87/SF/yr FS
Midtown Center$87.87 – $106.97/SF/yr FS
1261 Varick St$65.40 – $79.62/SF/yr FS
Alamo Building$80.60 – $98.13/SF/yr FS
Cornerstone Tower$77.27 – $94.07/SF/yr FS
568 Water St$77.92 – $94.86/SF/yr FS
Alamo Commons$79.89 – $97.25/SF/yr FS
1271 Fifth Ave$35.78 – $43.56/SF/yr NNN
923 Third AveRate on request
1283 Wall StRate on request
190 commercial properties are tracked in New York City, representing 82,937,400 SF of rentable building area, of which 16,463,600 SF is currently marketed as available.
Asking rents average $80.55 per square foot per year, the median marketed suite is 29,300 SF, and listings have been on market a median of 410 days.
The stock splits 76 Class A, 75 Class B, 39 Class C, with construction dates from 1905 to 2024 (median 1962).
The most concentrated submarkets are Financial District (20), Tribeca / SoHo (18), Plaza District (16), Times Square (16), Flatiron / Union Square (15).
New York City cities
New York City submarkets
ChelseaColumbus CircleFinancial DistrictFlatiron / Union SquareGramercyGrand CentralHudson YardsMurray HillPenn Plaza / GarmentPlaza DistrictTimes SquareTribeca / SoHoUpper East SideUpper West Side
New York City space by property type
Nearby markets
Dallas-Fort WorthAustinWashington DCHoustonRichmondSan AntonioNorthern New JerseyEl PasoBeaumontLaredoMidland-OdessaCorpus ChristiWaco-TempleRio Grande Valley
Market fundamentals are RealStarGlobal analytics derived from tracked inventory. Transaction and news signals come from the Acquirepad CRE feed. Registry, assessor and GIS provenance for every jurisdiction is documented in the data sourcing plan.
Frequently asked questions
How large is the New York City commercial real estate market?
RealStarGlobal tracks 190 buildings totalling 82,937,400 SF across 3 property types in New York City.
What is the vacancy rate in New York City?
Office 21.1%; Multi-Family 7.7%; Retail 14.4%.
What are asking rents in New York City?
Office $78.15/SF/yr (4.9% YoY); Multi-Family $20.71/SF/yr (-0.2% YoY); Retail $37.62/SF/yr (1.2% YoY).
What cap rates are assets trading at in New York City?
Office 7.29% at $244/SF; Multi-Family 5.57% at $197/SF; Retail 6.95% at $151/SF.
What are the submarkets of New York City?
Chelsea, Columbus Circle, Financial District, Flatiron / Union Square, Gramercy, Grand Central, Hudson Yards, Murray Hill, Penn Plaza / Garment, Plaza District, Times Square, Tribeca / SoHo, Upper East Side, Upper West Side.
How many people live in the New York City market?
The New York City market has a population of 2,191,396 with employment growth of 2.2% year over year.
How do I get New York City lease and sale comparables?
Lease comps, sale comps, tenant rosters, loan maturities and owner records for New York City are in the RealStar, and available programmatically through the MCP server.