Discover Office Space Opportunities in New York City
New York City, a bustling metropolis composed of five boroughs, is home to diverse industries and a thriving office space market. With over 550 million square feet of office space across Manhattan, Brooklyn, Queens, Staten Island, and the Bronx, NYC offers a variety of options for businesses and professionals. In this article, we'll explore the unique aspects of the New York City office space market, focusing on shared legal office spaces and the impact of the pandemic on rental prices.
Manhattan's Office Space Market
Manhattan, the largest central business district in the U.S., contains approximately 450 million square feet of the total office space in New York City. Within Manhattan, the Midtown, Midtown South, and Downtown neighborhoods offer a diverse range of office spaces for various industries.
In recent years, there has been an increase in office space availability for sublease in Manhattan. Currently, about 28 million square feet of office space is available for sublease, representing an almost 80% increase from mid-2019.
Rental Prices in the New York City Office Space Market
From 2020 to today, asking rents for larger Manhattan spaces have remained relatively stable, with only a slight downward trend. However, recent data from JLL indicates that asking rents for trophy buildings dropped between Q4 2022 and Q1 2023, as did Class-B asking rents. In contrast, Class-A office asking rents increased during the same period.
This trend is also observed in the shared legal office asking rentals, with Class-A buildings bouncing back to about 90% of pre-pandemic values.
Shared Legal Office Spaces vs. Coworking Spaces
While the coworking industry was significantly impacted by the pandemic, profession-specific shared legal office spaces fared better. Lawyers seeking office space in New York City may find bargains in some coworking sites, but these spaces often lack the appropriate environment for a legal practice. Shared legal office spaces, on the other hand, provide a more suitable setting for attorneys, contributing to their resilience in the market.
Manhattan Submarkets For Commercial Office Space (a-z)
||World Trade Center
New York City's office space market offers a diverse range of options for businesses and professionals. As the market continues to evolve and adapt to changing trends, shared legal office spaces remain a popular choice for attorneys seeking a professional environment. LookingForSpace.com is a valuable resource for law firms and attorneys, featuring numerous listings across New York City and New York State to accommodate their needs.