Commercial Real Estate Market in New York, NY
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
4,988 active listings and 33,857 off-market properties in New York, NY. Commercial property asks $1,068/SF to buy and $55.33/SF/Yr to lease.
Market Trends
New York, NY spans 22.2 square miles in New York County, New York. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in New York, NY asks $755/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 vacancy in New York, 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 New York, 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 New York, NY asks $564/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
New York, NY has 1,685,545 residents in 915,034 households. Density runs 76,029 people per square mile. Median household income here is $113,260 and median gross rent $2,293 a month.
1,685,545
Population
915,034
Households
1.8
Avg Household Size
38
Median Age
64%
College-Educated
89%
High-School Grad
22.2 sq mi
ZIP Area
76,029
Density / Sq Mi
$113,260
Median Household Income
$81,276
Median Earnings
$2,293
Median Rent
$1,046,516
Median Home Value
Tools
Lease vs Buy Breakeven
At $55.33/SF/Yr lease vs $1,068/SF buy → buying wins if held > 8.9 years.
At a 5.2% 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 |
|---|---|---|
| Hoboken | — | $66.39 |
| Weehawken | — | — |
| Long Island City | — | $46.26 |
| Jersey City | — | $38.98 |
Commercial property in New York, NY asks $1,068/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in New York?
Commercial property in New York, NY asks an average of $1,068 per square foot. Office carries the highest asking price at $755/SF.
How much does it cost to lease commercial space in New York?
Asking lease rates in New York, NY average $55.33 per square foot per year.
Is it cheaper to lease or buy commercial space in New York?
Buying beats leasing in New York, NY if the property is held longer than 8.9 years, comparing $55.33/SF/Yr asking rent with $1,068/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 New York market data come from?
Realmo compiles New York, NY figures from 3 recent recorded sales, 2,892 active sale listings, 2,096 active lease listings, 33,857 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 2,892 active for-sale and 2,096 active for-lease listings in New York, 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 31 August 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 31 August 2026 · report a data issue
