NYC OFFICE RENTAL REPORT, Year-End 2019

NYC OFFICE RENTAL REPORT, Year-End 2019 was compiled by Cogent Realty Advisors using data provided by Costar, the Commercial Real Estate Information Company. 

Cogent Realty Advisors is licensed Tenant Representation Broker that works for business owners that lease office space. Established in 2002, Cogent Realty is 100% committed to finding you “the right office space at the right price”. All of our services are provided on a NO FEE basis.

 

NYC Office Market Snapshot

At year-end 2019 the average quoted rent in New York City office buildings was $75.72 per square foot. This is an increase of $1.07 compared to Q3. Vacancy increased to 11.7% from the prior quarter’s 10.5%. Additional market data is found below.  

 

 

 

 

 

 

 

Neighborhood Office Rental Analysis

The average quoted office rent and vacancy by neighborhood is found in the table below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Office Construction Projects 

Notable projects include:

The Spiral (66 Hudson Boulevard): 2,850,000 RSF. Delivers Q4 2022. 

Two Manhattan West (385 Ninth Avenue): 1,950,140 RSF. Delivers Q4 2022.

Three Hudson Boulevard (555 West 34th Street): 2,000,000 RSF.

One Vanderbilt (51 East 42nd Street): 1,730,989 RSF. Delivers Q4 2022. Link for the “Topping Out” video.  

 

 

 

 

Strategies for Reducing Office expense 

(1) Relocate for Savings: Consider moving from a high rent building to a more economical location. Many “value-priced” Class B buildings have been upgraded and now provide new lobbies, elevators, technology infrastructure as well as contemporary office spaces.

(2) Space Reduction and Redesign:  Businesses can reduce the size of their offices by modifying the design and the area occupied by each employee. Use our office space calculator to estimate your size requirement.

(3) Flex Work, Business Centers and Telecommuting: Flexible work schedules may allow two or more employees to utilize a specific work area. Some companies use hourly or daily rentals at off-site business centers for part-time staff and conferences. Where practical utilize telecommuting.

Links for News about NYC & Global Real Estate

Manhattan Office Market Soared To Record Levels Again Last Year.

Is a coworking space worth the cost? 

Landlord Concerns Grow About NYC Commercial Rent Control. 

Office buildings cater to small tenants that outgrow coworking spaces. 

Developers keep building offices but workers are using fewer of the than ever. 

 

 

 

 

ABOUT COGENT REALTY ADVISORS 

Cogent Realty Advisors is an independent and licensed NO FEE Realtor that represents businesses that lease NYC office space. For information, phone Mitchell Waldman at (212) 509-4049.

#NYCOfficeYearEnd2019