How Much is Office Space?
If you’re asking how much is office space in Manhattan, the answer depends on location, building class, and lease type—but the short version is: it’s among the most expensive office markets in the world. Whether you’re leasing a high-end suite in a Midtown skyscraper or a modest loft downtown, understanding current market averages is essential for budgeting and planning.
Office rents across Manhattan typically range from $60 to $100 per square foot per year, with elite buildings like One Vanderbilt, Hudson Yards, and Park Avenue commanding $100–$200+/SF/year. That translates to $5 to $10+ per square foot per month, or $5,000–$10,000/month for a typical 1,000 square foot office. Class B and C buildings in secondary markets such as the Garment District, Harlem, or Financial District offer more affordable options between $45 and $65/SF/year.
Tenants with smaller budgets can still find value through subleases, shared office suites, and coworking spaces—some starting as low as $500/month. Daily rentals are also available through flexible office providers, often priced between $40 and $300 per day depending on the type of space.
To calculate your monthly rent, multiply your square footage by the annual per-square-foot rate, then divide by 12. Businesses should allocate 10–15% of gross revenue toward rent and explore sublet or flexible leases when possible. Manhattan offers every type of office product, from executive floors to startup-ready suites, making it a versatile but competitive market for any company seeking space.
🏙️ How Much Is Office Space in Manhattan Right Now?
1. Average Rent Rates by Class (2025)
- Overall Manhattan average: approx. $68–78/sq ft/year, with slight variation across sources .
- Class A / A+:
- Avg. $77.5/sq ft across all Manhattan submarkets
- Premium “Trophy” towers (e.g., Hudson Yards, Park Avenue, One Vanderbilt) can reach $100–125+/sq ft — and select transactions hit $200+/sq ft in 2024
- Class B: roughly $60+/sq ft
- Class C: around $50+/sq ft
2. Neighborhood Rate Breakdown (2024–2025)
| Submarket / Neighborhood | Avg Asking Rent ($/sq ft/yr) | Vacancy Rate* |
|---|---|---|
| East Village | $80 PSF | ~12.2% |
| Turtle Bay (UN area) | $75 to $95 PSF | ~12.3% |
| Hudson Square | $78 PSF | ~28.9% |
| Gramercy Park | $60 PSF | ~18.1% |
| Plaza District (Midtown core) | $95 PSF | ~13.4% |
| Tribeca | $70 PSF | ~23.1% |
| Murray Hill | $62 PSF | ~17.3% |
| Harlem–North Manhattan | $40 to $50 PSF | ~21.3% |
| Chelsea | $75 PSF | ~18.0% |
| SoHo | $90 PSF | ~24.1% |
| WTC area | $75 PSF | ~12.9% |
| Times Square–Hell’s Kitchen | $57 PSF | ~16.4% |
| Financial District | $58 PSF | ~19.3% |
| Greenwich Village | $55 to $75 PSF | ~30.5% |
💰 How Much Is Office Space Per Month in Manhattan?
Office space in Manhattan typically rents between $50 and $160 per square foot per month, depending on location and class.
- Class A in Midtown (e.g. Park Ave, Hudson Yards): $90–$160/SF/month
- Class B or C space in Financial District, Garment District, or Upper Manhattan: $40–$70/SF/month
- A 1,000 SF office can cost anywhere from $5,000 to $12,000/month, with high-end trophy space exceeding $16,000/month
🗽 How Much Is Office Space in NYC?
Across all five boroughs, average office rent fluctuates by submarket:
Manhattan (Class A average):
$77.50/SF/year
Brooklyn (avg):
$55/SF/year
Queens / Bronx / Outer Boroughs:
- $30/SF/year
- $50/SF/year
However, Manhattan remains the highest-priced borough for commercial office space due to prestige, amenities, and transit.
📍 How Much Is Office Space Near Me (in Manhattan)?
Here’s a quick range by Manhattan neighborhood:
- Plaza District / Park Ave: $110–$200+/SF/year
- Hudson Yards / Penn Plaza: $90–$150/SF/year
- Flatiron / SoHo / Tribeca: $60–$80/SF/year
- Financial District: $55–$70/SF/year
- East Harlem / Inwood: $40–$55/SF/year
Need space near a specific train line, court, or district? Let a tenant rep broker narrow options based on budget and walkability.
🧾 Small Office Space for Rent NYC Under $500
In Manhattan, sub-$500/month offices are rare, but possible under the following setups:
- Coworking desks or shared offices: ~$350–$500/month for a single seat
- Mail/package address with drop-in hours: ~$100–$300/month
- Private 1-person offices (in outer boroughs or sublets): Occasionally found below $500/month, especially in Harlem or the Bronx.
In Midtown or SoHo, even phone booth–sized private offices usually start at $700/month and up.
🗓️ Rent Office Space NYC for a Day
You can rent a day office or conference room in Manhattan starting at:
- $40–$80/day (hot desk at WeWork, Industrious, etc.)
- $100–$300/day (private office in coworking suites)
- $250–$500/day (conference rooms in Class A buildings or hotels)
Some platforms offering flexible booking: LiquidSpace, Peerspace, Deskpass, Breather.
💸 Cheap Office Space for Rent NYC
Looking for affordable options? Try:
- Sublease deals: Often 10–25% below market
- Garment District or FiDi Class C buildings
- Loft-style offices in NoMad, Chinatown, or parts of SoHo
- Shared suites in buildings near 6th Ave or west of 10th Ave
Expect $35–$50/SF/year, or $3–$4.25/SF/month for cheap but usable space.
🏢 Manhattan Office Space for Rent
As of mid-2025:
- Over 60 million square feet available in Manhattan
- Class A trophy space averages $100–200/SF/year
- Flexible sublets and shared offices remain plentiful
- Full floors: Start at $50,000/month+ in Midtown
- Partial suites: Start at $3,500/month
Brokers can help negotiate free rent periods, furniture, and buildouts.
🧳 Small Office Space for Rent in Bronx, NY
The Bronx remains one of the most affordable NYC boroughs for commercial space:
- Average rent: $30–$55/SF/year
- Monthly: $2.50–$4.60/SF
- Small private suites (~500 SF): $1,000–$2,000/month
- Shared space and medical offices more common than tech/startup suites
Local hubs: Fordham, Hunts Point, and Mott Haven
📊 How Much Should I Budget for Office Space?
In Manhattan, you should budget between $60 and $100 per square foot per year for standard office space.
- For Class A or premium buildings, plan for $90–$125+/SF/year
- For Class B or more modest space, estimate $50–$70/SF/year
This translates to $5 to $10+ per square foot per month, depending on building class, location, and lease length.
For a 1,000 SF suite, your monthly rent will range from $5,000 to $10,000/month — exclusive of utilities, internet, and taxes unless specified as gross rent.
🗽 How Much Is Space in NYC Per Month?
In Manhattan (2025 data), the average office rent per month is:
- Class A average: ~$60 PSF.
- Trophy Buildings (Hudson Yards, Park Ave): $100–$160 PSF.
- Class B/C space in secondary markets: $37–$50 PSF.
Shared and sublet office space options may drop effective monthly costs further, especially downtown or in Garment District or Harlem.
📐 How Do You Calculate Office Space Cost?
To calculate your monthly office rent in Manhattan:
Square Feet × Annual Rent per SF ÷ 12 = Monthly Rent
Example:
1,500 SF office × $75/SF/year = $112,500/year ÷ 12 = $9,375/month
For gross rent (includes utilities/services), confirm with the landlord or broker. Some Class A leases may quote “plus electric” or “plus cleaning” — so always factor in extra $2–$5/SF.
💼 How Much Office Space Can I Afford?
A good rule of thumb: spend no more than 10–15% of your gross annual revenue on office rent.
- A company earning $1M/year can typically afford $100K–$150K/year, or ~2,000 SF at $75/SF/year
- For startups or solo practitioners, shared suites or coworking desks offer lower entry points (as low as $500/month)
If you’re uncertain, start with sublease space or shorter-term direct leases, then scale as your needs evolve. Manhattan has active sublet markets and plenty of flexible lease options.
Summary: How Much Is Space in Manhattan?
Office space in Manhattan ranges widely, with average rents between $60 and $100 per square foot per year, depending on building class, location, and lease type. Trophy Class A buildings like those in Hudson Yards or Park Avenue command top rents of $100–$200+/SF/year, while Class B and C spaces in areas like the Financial District, Garment District, or Harlem fall closer to $45–$65/SF/year. On a monthly basis, expect to pay $5–$10 per square foot, translating to $5,000–$10,000+ per month for a 1,000 SF suite.
Short-term sublets, coworking desks, and small shared offices can provide options under $1,000/month, though these are typically limited in size and located in outer neighborhoods. Premium neighborhoods like the Plaza District, Hudson Square, and Flatiron fetch higher rates, while value-conscious tenants may explore Harlem, Midtown West, or downtown alternatives.
To calculate rent, multiply the square footage by the annual per-square-foot rate and divide by 12. Businesses should budget 10–15% of gross revenue for office rent and explore flexible lease options or subleases if just starting out. Whether you’re a startup, professional firm, or enterprise tenant, Manhattan’s office market offers a broad spectrum of options — from day rentals to full-floor trophy towers.
Fill out our online form or give us a call today 212-967-2061 — let’s find the right space for your business.
Resources
Office Space Calculator: Usable SF, Loss Factor, Rentable SF
