West 35 Street, Partial 6th Floor-3,300 SF Office. There you can find office space rentals as low as $32.00 per Square Foot in Class C buildings. According to research data, the average rent for a single square foot of traditional office space in NYC is between $75 and $84. For example, A tenant may lease a 10,000-sf space and receive a parking allowance of 4:1000. The sales price for office buildings in Manhattan reached a four-year high of $1,676 per square foot, reversing a downward trend that began in early 2018. Published by Statista Research Department , Nov 6, 2020. One sample office budget at Buildings.com put the cost of millwork and finishes at about $25 a square foot. Things aren't much better on the commercial side either with 42,000 vacant square feet of office space. The total office renovation cost for that build-out came to $90 a square foot. That means to determine the monthly rent for a property, tenants need to multiply the listed cost per square foot by the number of square feet, and then divide by 12. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. Why is NYC Commercial Real Estate So Expensive? Aftermath’s hourly rates range from $750 to $1,000 for a team of three to four people, or anywhere from $1 to $10 per square foot. (January 19, 2021). Leasing activity had recorded its highest two-year run of activity in this century. Lower Manhattan's Class A rates rose 7.0 percent over the past 12 months from $54.77 per square foot at year-end 2013. As a result, total vacancy rose to 17.1% at year-end. The new space on the market has weighed on asking rents, which dropped 3% to $80.29 per square foot. The average office space in the United States is around $39 per square foot according to CushWake.com. Manhattan Office Rental Market, Fall 2020. At the start of 2020 the New York office market showed no signs of slowing down. ", Colliers International, Average Class A asking rent for office real estate in Manhattan in Q4 2020, by district (in U.S. dollars) Statista, https://www.statista.com/statistics/605986/average-class-a-asking-rent-manhattan-by-submarket/ (last visited January 23, 2021), Average Class A asking rent for office real estate in Manhattan in Q4 2020, by district, Office occupancy costs in the Americas 2020, Office rent growth rates in selected cities 2021, Office vacancy rates in selected cities 2021, Completions in largest office markets in the U.S. 2018-2020, Office space availability rate in Manhattan in Q4 2020, by district, Size of office area in Manhattan in Q4 2020, by district, Average asking rent for office space in Manhattan in Q4 2020, by district, Average asking rent in for office space Midtown, Manhattan in Q4 2020, by submarket, Average asking rent for offices in Midtown South, Manhattan in Q4 2020, by submarket, Average asking rent for office space in Downtown Manhattan in Q4 2020, by submarket, Supply of office space in Boston 2020, by district, Available office and lab real estate in Boston 2020, by district and type, Office space vacancy rate in Boston 2020, by district, Absorption of office space in Boston 2020, by district, Office space in San Francisco 2018, by submarket, Availability of office space in San Francisco 2018, by submarket, Office space availability rates in San Francisco 2020, by submarket, Office space rental rates in San Francisco 2018, by submarket, Supply of office space in Inland Empire West, California Q4 2020, by district, Vacancy rate of office space in Inland Empire South, California Q4 2020, by district, Asking rent of office space in Inland Empire East, California Q4 2020, by district, Most popular office layouts among full-time employees in the U.S. 2018, by type, Most popular office layouts among full-time Gen Z employees in the U.S. 2018, by type, Size of current office among full-time employees in the U.S. 2018, Size of ideal office among full-time employees in the U.S. 2018, Average Class A asking rent for office space in Midtown, Manhattan 2020, by submarket, Average Class A asking rent for office in Midtown South, Manhattan 2020, by submarket, Average Class A asking rent for office space in Downtown Manhattan 2020, by submarket, Average Class B asking rent in Midtown, Manhattan in Q3 2020, by submarket, Average Class B asking rent Manhattan in Q3 2020, by submarket, Average Class B asking rent in Midtown South, Manhattan Q3 2020, by submarket, Office space availability rate in Midtown Manhattan in Q3 2020, by submarket, Average Class B asking rent in Downtown Manhattan in Q3 2020, by submarket, Number of office real estate deals in Manhattan 2014-2018, Value of office real estate sales in Manhattan 2014-2018, Office space availability rate in Midtown South Manhattan in Q3 2020, by submarket, Office space availability rate in Downtown Manhattan in Q3 2020, by submarket, Supply of office space in Inland Empire East, California Q2 2020, by district, Supply of office space in Inland Empire South, California Q2 2020, by district, Vacancy rate of office space in Inland Empire West, California Q2 2020, by district, Prime rent of office real estate in Lille Q4 2013 - Q4 2019, Prime rent of office real estate in Athens 2013-2019, Prime rent of office real estate in Riga 2013-2019, Net absorption of office real estate in Riga 2013-2019, Average Class A asking rent for office real estate in Manhattan in Q4 2020, by district (in U.S. dollars), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. 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