Commercial Real Estate Market in Forest Hills, NY
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
1,993 active listings and 24,197 off-market properties in Forest Hills, NY. Commercial property asks $1,642/SF to buy and $59.55/SF/Yr to lease.
Market Trends
Forest Hills, NY spans 2.4 square miles in Queens County, New York. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Forest Hills, NY asks $450/SF to buy. Vacancy runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Retail
Retail space in Forest Hills, NY asks $599/SF to buy. Vacancy runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Forest Hills, NY runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily space in Forest Hills, NY asks $511/SF to buy. Vacancy runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Market overview
Demographics & Economy
Forest Hills, NY has 72,851 residents in 35,415 households. Density runs 30,095 people per square mile. Median household income here is $104,319 and median gross rent $2,126 a month.
72,851
Population
35,415
Households
2.1
Avg Household Size
43
Median Age
61%
College-Educated
93%
High-School Grad
2.4 sq mi
ZIP Area
30,095
Density / Sq Mi
$104,319
Median Household Income
$75,149
Median Earnings
$2,126
Median Rent
$572,800
Median Home Value
Tools
Lease vs Buy Breakeven
At $59.55/SF/Yr lease vs $1,642/SF buy → buying wins if held > 25.4 years.
At a 3.6% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Jamaica | — | $44.46 |
| Flushing | — | $59.55 |
| Long Island City | — | $46.85 |
| Great Neck | — | $43.35 |
Commercial property in Forest Hills, NY asks $1,642/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Forest Hills?
Commercial property in Forest Hills, NY asks an average of $1,642 per square foot. The 4 most recent recorded sales traded at a median of $557/SF, so asking sits 195% above the achieved median. Retail carries the highest asking price at $599/SF.
How much does it cost to lease commercial space in Forest Hills?
Asking lease rates in Forest Hills, NY average $59.55 per square foot per year.
Is it cheaper to lease or buy commercial space in Forest Hills?
Buying beats leasing in Forest Hills, NY if the property is held longer than 25.4 years, comparing $59.55/SF/Yr asking rent with $1,642/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
Where does Realmo's Forest Hills market data come from?
Realmo compiles Forest Hills, NY figures from 4 recent recorded sales, 1,496 active sale listings, 497 active lease listings, 24,197 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 1,496 active for-sale and 497 active for-lease listings in Forest Hills, NY. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level, industrial vacancy is reported at Northeast region level and asking prices run materially above recent closed pricing.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · report a data issue
