Office space is in high demand in New York City, which has caused prices to increase in recent years. The monthly cost of office space varies a bit depending on the borough in which you are searching, but the most desirable areas will run you between $30.00 and $70.00 per square foot on average.
Below, we will take a closer look at the average prices in various neighborhoods throughout New York City.
Manhattan is the most densely populated borough in New York City, and that population density carries over to offices and co-working spaces. There is an incredibly high demand for office rentals in Manhattan, and as a result, the prices per square foot tend to be higher on average than they are in the other neighborhoods throughout the city.
Based on recent market research, Chelsea is currently one of the most affordable neighborhoods in Manhattan to rent office space. Rents in the Chelsea neighborhood average around $59.00 per square foot. Tribeca is one of the highest-priced communities in Manhattan for office rentals with prices averaging about $87.00 per square foot.
Brooklyn is New York City’s third-largest business district. According to recent research, 520 tech and design firms currently call it home. Brooklyn offers cheaper office rentals on average when compared to other parts of the city, such as Manhattan. It is gaining traction in the office rental market due to its lower prices that save businesses money without sacrificing convenience.
On average, the cost of office rental space in Brooklyn begins around $41.00 per square foot. Some parts of downtown Brooklyn have higher price points of approximately $50.00 per square foot. This is due to their closer proximity to popular restaurants and other amenities.
Queens boasts lower office rental prices than both Manhattan and Brooklyn. On average, office rentals are around $41.00 per square foot. Long Island City is the largest business district in Queens, and thanks to recent developments in the area it has become attractive to both established companies as well as start-ups. Queens is the largest borough in New York City and has plenty to offer when it comes to diversity. Also, many industries choose to call it home for their offices.
When it comes to office space in Long Island, they’ve seen historically low vacancy rates. The demand is high, and the prices are rising as a result of the increased popularity of the area. However, even with the boost of businesses seeking office space, the prices are still considerably lower than in other parts of New York City.
The average office space on Long Island is $30.00 per square foot. Many businesses that previously rented office space in Queens and Brooklyn have been relocating their offices to Long Island. This is especially true for the industrial sector. However, with the host of amenities that Long Island has to offer, businesses of all kinds could successfully run their offices in this part of the city.