New York City Area Office Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from CBRE, Colliers
Quarterly office market indicators for New York City Area, aggregated by CREhunt from CBRE, Colliers. As of Q1 2026, average asking rent was $45.36/SF/yr, per CBRE.
Projected current office pricing — New York City Area
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for New York City Area office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 CBRE asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 CBRE | $45.36/SF/yr | — | — | — | CBRE |
| Q3 2019 Colliers | $52.33/SF/yr | — | 351K SF | — | Colliers |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each New York City Area office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Chelsea | $82.27/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| City Hall | $51.67/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Coastal Brooklyn | $48.80/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Downtown Brooklyn | $55.28/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| East Side/UN | $72.42/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Financial East | $52.86/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Financial West | $50.71/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Grand Central | $69.93/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Greenwich/NoHo | $94.91/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Hudson Square/West Village | $92.82/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Insurance | $53.90/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Madison / Fifth | $103.95/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Madison/Union Square | $73.79/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Murray Hill | $59.21/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North Brooklyn | $42.02/SF/yr Cushman & Wakefield · Q2 2026 | Cushman & Wakefield, Q2 2026 |
| Northern Brooklyn | $41.95/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Park Avenue | $111.97/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Penn Station | $105.81/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Sixth Avenue/Rock Center | $94.53/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| SoHo | $76.96/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Times Square South | $51.30/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| TriBeCa | $70.79/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| West Side | $71.48/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| World Trade | $69.04/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
Frequently asked questions
- What is the average asking rent for office space in New York City Area?
- As of Q1 2026, the average asking rent for office space in New York City Area was $45.36/SF/yr, per CBRE.
- What is the office vacancy rate in New York City Area?
- Vacancy data for New York City Area office is aggregated from brokerage reports; refer to the quarterly table for available quarters.
- Where does CREhunt's New York City Area market data come from?
- This report aggregates quarterly office market data for New York City Area from CBRE, Colliers.