This far in 2025, there was 33.69M SF of office space demand since the beginning of the year, surpassing 2024’s yearly total (33.34M SF). If leasing activity continues at the same pace for the remainder of 2025, the yearly total would exceed 40.00M SF for the first time since 2019. (Franklyn Wallach 11/3/25).
The average asking rent for all of Manhattan in September of 2025 was $75.18 (FW 11/3/25). The average effective rent for prime Midtown space (class A) in April of 2025 was $80.51 (CMS 4/25). Class B (part time attendants, older buildings, side streets) have a wide asking range from $40 to $65. Class C (loft style buildings) can go from $20 to $40.
AAA space has gone from $92 to $117 between 2023 and 2024. Hudson Yards space has gone for as much as $150 a square foot. (CO 3/43/25).
August 2025 Manhattan vacancy rate: 22.3% (CO 10/14/25)
Midtown Manhattan "A" vacancy rate: 14.4% (CMS 4/25)
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%...
Midtown South asking average: $83.28 (CO 9/2/25)
Downtown asking average: $58.38 (CMS 4/25)
The average cost per square foot of build - outs in 2025 was $212.59 (CO 9/2/25)…and what this means is that is what the landlord, or building owner, has to spend per square foot to get space ready for a new tenant. It used to be that many tenants were given an “allowance” and hired their own architects and contractors, but at this point it is usually the landlords who do the work.
The top asking rents post COVID appear to be at One Vanderbilt, on the top floors, which are from $300.00 on 68 up to $322.00 on 73. Ken Griffon paid $300.00 a square foot for his space at 425 Park Avenue, albeit in 2019. “Plaza District” class A average asking rent is $100.00 (CO 10/15.24
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.