Office Rents in NYC: 2026 Market Update

Manhattan is by far the largest office market in the United States. It is primarily divided into three major markets—Midtown, Midtown South, and Downtown—each of which is further broken down into specific submarkets.

Below is a snapshot of average Manhattan rents overall and within the various submarkets at the start of 2026:

• Manhattan Overall: $77.89
• Midtown Overall: $84.24
  • Times Sq/West Side: $72.91
  • Plaza: $129.02
  • Rockefeller Center/Sixth Ave: $89.21
  • Fifth Ave/Madison Ave: $93.92
  • Park Avenue: $109.81
  • East Side: $70.87
  • Grand Central: $72.27
  • Times Square South: $60.94
  • Penn District/Hudson Yards: $108.20
• Midtown South Overall: $84.77
  • Chelsea: $92.19
  • Flatiron: $75.96
  • Park Ave South/Madison Sq: $77.08
  • Union Square: $89.75
  • Noho/Soho/LES: $89.19
  • Hudson Square/Tribeca: $82.40
• Downtown Overall: $58.40
  • Financial District: $56.43
  • City Hall: $49.88
  • Downtown West: $76.66

Understanding Weighted Averages, It is important to note that these figures are weighted averages. To illustrate: if an 800,000-square-foot building has rents at $100/sq ft and the 200,000-square-foot building next door has rents at $50/sq ft, the average rent is not $75—it is $90.00/sq ft.

This explains why market statistics often skew high; newer, larger office buildings catering to major corporations naturally carry premium rents and carry more “weight” in the data.

When conducting an office search, it is vital to have an experienced broker who can provide this data and—more importantly—interpret what it means for your specific requirement.

If you would like to discuss the NYC commercial office market or have a specific requirement, please feel free to reach out.

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