Commercial Real Estate Market in Manhattan, NY
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
5,118 active listings and 33,857 off-market properties in Manhattan, NY. Commercial property asks $1,101/SF to buy and $53.97/SF/Yr to lease.
Market Trends
Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Manhattan, NY asks $55.99/SF/Yr to lease and $755/SF to buy. Vacancy runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Retail
Retail vacancy in Manhattan, NY runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Manhattan, 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 vacancy in Manhattan, NY runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Vacancy Rate % in Northeast region
Market overview
Tools
Lease vs Buy Breakeven
At $53.97/SF/Yr lease vs $1,101/SF buy → buying wins if held > 10.8 years.
At a 4.9% 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 |
|---|---|---|
| New York | — | $53.97 |
| Hoboken | — | $65.55 |
| Jersey City | — | $39.36 |
Commercial property in Manhattan, NY asks $1,101/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Manhattan?
Commercial property in Manhattan, NY asks an average of $1,101 per square foot. Office carries the highest asking price at $755/SF.
How much does it cost to lease commercial space in Manhattan?
Asking lease rates in Manhattan, NY average $53.97 per square foot per year. Office asks $55.99/SF/Yr as of Q2 26, up from $44.50/SF/Yr in Q1 26.
Is it cheaper to lease or buy commercial space in Manhattan?
Buying beats leasing in Manhattan, NY if the property is held longer than 10.8 years, comparing $53.97/SF/Yr asking rent with $1,101/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 Manhattan market data come from?
Realmo compiles Manhattan, NY figures from 3 recent recorded sales, 3,053 active sale listings, 2,065 active lease listings, 33,857 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 3,053 active for-sale and 2,065 active for-lease listings in Manhattan, 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 and industrial vacancy is reported at Northeast region level.
- 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
