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, 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 PropZone's New York City Area market data come from?

This report aggregates quarterly office market data for New York City Area from CBRE, Lee Associates, Team Lee Associates, Colliers.

New York City Area Office Market Report

By PropZone Research · Data through Q1 2026 · Aggregated from CBRE, Lee Associates, Team Lee Associates, Colliers

Quarterly office market indicators for New York City Area, aggregated by PropZone from CBRE, Lee Associates, Team Lee Associates, Colliers. As of Q1 2026, average asking rent was $45.36/SF.

Projected current office pricing — New York City Area

low confidence

Projected asking rent

$45.36/SF/yr

Estimated sale value

$464–$603/SF

Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q1 2026 CBRE data (cap rate 4.5%, 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	$45.36/SF	—	—	—	CBRE
Q1 2025	$47.63/SF	9.1%	259K SF	—	Lee Associates
Q4 2020	—	3.8%	168.8M SF	—	Team Lee Associates
Q3 2019	$52.33/SF	—	351K SF	—	Colliers
Q2 2016	$27.18/SF	8.4%	240K SF	—	Lee Associates

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, 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 PropZone's New York City Area market data come from?: This report aggregates quarterly office market data for New York City Area from CBRE, Lee Associates, Team Lee Associates, Colliers.

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