Understanding The Manhattan Office Space Market
The Manhattan Office Space Market is the largest Office Space Market in the country. The total Manhattan Office Space Market inventory is approximately 520,000,000 square feet in approximately 3,500 buildings in Manhattan.
The Class-A Manhattan Office Space market consists of roughly 291,000,000 square feet. The Class-B Manhattan Office Space market consists of about 149,000,000 square feet. While the Class-C Manhattan Office Space Market consists of about 78,000,000 square feet.
The four basic submarkets within the Manhattan’s Office Space Market are as follows: Midtown, Midtown South, Downtown and Uptown. The existing office building inventory various significantly in each market. Each inventory of office building can be further classified as either being a Class A Office Building, Class B Office Building or a Class C Office Building.
When it comes to class A Office Space Midtown Manhattan leads the pack at over 205,484,904 square feet. Midtown South has over 13,000,000 square feet of Class A office space. Downtown Manhattan has about 70,000,000 square feet of office space and Uptown has 1,687,140 square feet of Class A office space.
Class B Manhattan Office space in each of the four basic submarkets are broken down as follows: Midtown Manhattan has almost 70,000,000 square feet of Class B office space. Midtown South has about 46,000,000 square feet of Class B Office Space. Downtown has almost 30,000,000 square feet of Class B office space and Uptown has about 4,800,000 of Class B office Space.
Class C office space in the four basic submarkets are broken down as follows: Midtown Manhattan has around 30,000,000 square feet. Midtown South has the largest inventory of Class C office space at almost 35,000,000 square feet. Downtown has around 7,600,000 square feet while uptown has about 4,800,000 square feet of Class C office space.
Most individual tenants in the Manhattan Office Space Market occupy under 10,000 square feet. These tenants make up roughly 75% of the total Manhattan office space inventory. By far the largest industry in the Manhattan office space market are known collectively as FIRE which stands for Finance, Insurance and Real Estate related companies. This industry can make up to 30% of the Manhattan office space used in New York City. Law Firms however traditionally use the most square footage on a per employee basis. They average about 464 square feet per person, this can significantly affect the bottom line of any law firm.