"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.