Summer 2019 Manhattan Office Stats

"Prime A" New York City ranks eleventh in the world  in terms of office space costs, behind London (2 districts), Hong Kong (2 D) , Beijing (2D), Moscow, New Delhi, Tokyo and Shanghai.
Overall Manhattan vacancy rate 10%, which is pretty high (CNY 7/24/18). 
Lower Manhattan vacancy rate: 13.1%...not including the ten milion square feet about to come on line at the World Trade Center site. 
Midtown Manhattan "A" vacancy rate: 11.2%
Midtown East / South Manhattan overall vacancy rate: 9.6% (CO 6/28/17) (78.6 million square feet in total)
Lowest vacancy rates: Chelsea at 2%, and SoHo and the Village under 1%...
Average Manhattan asking rent: $77.82, up 4.9% for the year. (REW 7/10/19)
Midtown "A" space asking average: $83.28 (CO 3/26/19)
Midtown South asking average: $61.60 (CO 3/26/19)
Chelsea: $63.56 (CO 3/22/17)
Meatpacking: $115.79 !!! (REW 1/20/16)
Times Square Submarket: $85.33 (6/18/13 TCO) (This seems high to me)  
Downtown asking average: $49.92 (CO 3/26/19)

Concessions such as tenant improvement allowances for class A tenants increased in 2019 by 7.5% to $105.21 a square foot….with 12 months of free rent. (REW 7/10/19)

John Powers of CB Richard Ellis recently estimated that there is at least 30 million square feet of space available in midtown, (of approximately 222 million square feet). About 10 million of that  is sublet space, 7 million of which is unmarketable. 

We deal directly with building owners and with the brokers that represent them. Brokers that we have recently worked with include Cushman & Wakefield, Savills Studley, CBRE, Newmark Grubb Knight Frank, Fisher Brothers, Jack Resnick & Sons, The Durst Organization, Rudin Management...and literally hundreds of others.

Nearly every space that is available in New York is listed on Co-Star, which is a proprietary service that we subscribe to...and if a space is not listed there, chances are that we know about it through personal contacts and through hitting the streets. 

Recently Closed Deals

Longstreet can find you the office that you need at the price that you are able to pay. We have leased space here in New York City in every neighborhood at every price.

Buildings that we have recently closed deals on have included:

767 Fifth Avenue (The General Motors Building)

345 Park Avenue

540 Madison Avenue

59 East 54th Street

430 Park Avenue

551 Madison Avenue

One East 57th Street

598 Madison Avenue

101 Fifth Avenue

635 Madison Avenue

501 Fifth Avenue

58 West 40th Street

600 Madison Avenue

14 East 60th Street

712 Fifth Avenue

660 Madison Avenue

711 Fifth Avenue

150 East 58th Street

75 Ninth Avenue

16 Court Street (Brooklyn)

...and the list goes on. 

We pride ourselves on making every deal happen, with no job too big or too small, no area off limits. 

Commissions are usually paid to Longstreet by the landlord, or property owner, which means that one who is looking for office or store space in New York City does not pay us a fee. This is always spelled out for our clients before looking at any space, as all commissions are negotiable in New York State, meaning that each situation is different. 

Commissions on the sales of hotels, development sites and buildings are also negotiable, and are sometimes paid by the buyer and sometimes paid by the seller. This, too, is spelled out in advance. 

Furnished offices, unfurnished offices, sublet, direct, office condominiums, office cooperatives, shared space, executive suites, medical offices, industrial spaces, lofts, showrooms, gallery space--you dream it, we deliver it.

We Can Help You Find the right space at the best price......

Buildings that we can help you find space in (that happen to be New York's Tallest Buildings) (in height order): 

1 World Trade Center (104 stories, 1776 feet high)
One Vanderbilt Avenue (which will be completed in 2020)
432 Park Avenue
The Empire State Building
The Bank of America Tower
The Chrysler Building
The New York Times Tower
One 57
Four World Trade Center
70 Pine Street
40 Wall Street
Citigroup Center
8 Spruce Street
Trump World Tower
GE Building
CitySpire Center
One Chase Manhattan Plaza
Conde Nast Building
Met Life Building
Bloomberg Tower
Woolworth Tower
One Worldwide Plaza
Carnegie Hall Tower
383 Madison Avenue
AXA Center
One Penn Plaza
1251 Avenue of the Americas
Time Warner Center
60 Wall Street
One Astor Plaza
One Liberty Plaza
20 Exchange Place
7 World Trade Center
Three World Financial Center
Bertelsmann Building
Times Square Tower
Metropolitan Tower

500 Fifth Avenue
JP Morgan Chase World Headquarters
General Motors Building
Metropolitan Life Insurance Company Tower
Americas Tower
Solow Building
HSBC Bank Building
55 Water Street
277 Park Avenue
1585 Broadway
Random House Tower
Four Seasons Hotel
McGraw Hill Building
Lincoln Building
Barclay Tower
Paramount Tower
Trump Tower
One Court Square
Bank of New York Building
599 Lexington Avenue
712 Fifth Avenue
Chanin Building
245 Park Avenue
Sony Building
Two World Financial Center
One New York Plaza
570 Lexington Avenue
345 Park Avenue
W.R. Grace Building
Home Insurance Plaza
1095 Avenue of the Americas
101 Park Avenue
One Dag Hammarskjold Plaza
Central Park Place
888 7th Avenue
The Waldorf=Astoria
Burlington House
Trump Palace
Olympic Tower
The Mercantile Building
425 Fifth Avenue
The Epic
919 Third Avenue
The New York Life Building
750 Seventh Avenue
Tower 49
Credit Lyonnais Building
The Orion
590 Madison Avenue
and the Marsh & McLennan Headquarters.