Where do NYC Rents Stand in 2026 when compared to Pre-Covid 2018/2019

Leading up to the pandemic, the Manhattan office market had two very strong years of leasing in 2018 & 2019. This led to the overall average rent in Manhattan reaching its highest level ever at $80.43. Here is where the market now stands in comparison.

Manhattan Overall 2026 – $77.89
Manhattan Overall 2019 – $80.43

Midtown 2026 – $84.24
Midtown 2019 – $86.35

Midtown South – 2026 – $84.77
Midtown South 2019 – $84.67

Downtown – 2026 – $58.40
Downtown 2019 – $63.10

In the five years since the pandemic the market is relatively close to where it was in 2019 based solely on rents. There are some nuances and differences that are worth pointing out.

Buildings are valued based on the rent roll so naturally landlords are loathe to lower the rents too much. They much rather provide a larger concession package of free rent and Landlord work. So, we have seen landlords providing higher quality build outs, contributing more TI ideas, and more free rent than seen in the past.

Landlords have also invested heavily in adding amenities to their buildings such as lounges, conference centers, roof decks, etc. This has enhanced the tenant experience at a cost to the landlords.

There is some nuance in these numbers. Post covid there has been a consistent flight to quality, meaning the modern class A buildings have been outperforming the market. These buildings are larger and command the highest rents, which skews the statistics upward.

Not revealed as much in these numbers is the submarket in the west 30’s that cater to smaller tenants and buildings that are considered commodity assets have not fared as well and haven’t been able to raise pricing like the prime midtown properties.

Another trend that has led to rents returning is the residential conversions. This is especially of note in lower Manhattan where many of the older antiquated properties have been taken off the market in the last couple of years this reducing inventory and adding to some pricing pressure.

If you would like to take a deeper dive into these numbers or have a requirement to discuss, please feel free to contact me at:

Paul Walker
Senior Vice President
212-984-7117
Paul.Walker@cbre.com