Size of office area in Manhattan 2024, by district
The amount of office space in Midtown Manhattan amounted to 241.3 million square feet in the first quarter of 2024. This was the largest district in terms of office inventory, followed by Midtown South and Downtown Manhattan.
Importance of New York for office space
Manhattan is the most famous borough of New York City, and is home to the headquarters of many international organizations as well as multinational corporations, such as the United Nations, Citi and Pfizer. The borough is also located on an island in the middle of the city, which means that the volume of space is limited in supply and that real estate is in high demand there. Asking rents in the borough are, consequently, very high.
Availability of office space
The availability rate of office space in Manhattan varies between the districts, but is almost 17 percent on average. This means that roughly 17 percent of total rentable space is available.
