New York City is the most expensive commercial real estate market in the United States, with Midtown Manhattan office rents consistently among the highest globally. The market spans over 500 million square feet of commercial space across five boroughs, dominated by Class A office, retail corridors, and industrial outer-borough submarkets. NYC leases are heavily negotiated with complex CAM structures, free-rent concessions, and substantial tenant improvement packages.
Commercial Space
500M+ sq ft
Avg Office Rent
$80–$120/sq ft
Vacancy Rate
20%
Avg Lease Term
5–15 years
Market data sourced from publicly available commercial real estate reports (CoStar, CBRE MarketView, JLL Research). Figures are approximate and may vary by submarket and property class.
Manhattan office leases typically use Full Service Gross with a base year expense stop, meaning tenants pay their pro-rata share of operating expense increases above the base year. Retail leases—especially Fifth Avenue and Times Square—are NNN with very high base rents and percentage rent overlays. Multi-tenant industrial leases in Brooklyn and Queens use Modified Gross or Gross structures. Free-rent concessions of 6–18 months are common in office deals.
New York Landlord–Tenant Guide
State-specific commercial lease laws, notice periods, and tenant rights for New York →
Full Service Gross (FSG) with a base year expense stop is standard for Manhattan Class A and B office. The tenant pays a flat gross rent in year one; from year two onward they pay their pro-rata share of operating expense increases above the base year amount.
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