What is the current landscape of the office space market for small tenants in Midtown Manhattan?

Amid widespread misconceptions of ample office space availability and global unrest, a different reality unfolds for small tenants in Midtown Manhattan.

Contrary to popular belief, the market for spaces ranging from 2,000 to 7,000 square feet is COMPETITIVE AS EVER.

I’ve put together an infographic to illustrate the current landscape.

As of now, there are 749 available spaces within this size range, presenting (seemingly) ample opportunities for businesses seeking a suitable workspace. However, upon closer examination, factors such as budget, layout, timing for possession, building quality, location, and amenities significantly narrow down these choices.

Here’s a breakdown of the number of available spaces:

⚡2,000 – 3,000 rentable square feet: 1️⃣2️⃣3️⃣
⚡3,000 – 4,000 rentable square feet: 1️⃣4️⃣1️⃣
⚡4,000 – 5,000 rentable square feet: 1️⃣5️⃣8️⃣
⚡5,000 – 6,000 rentable square feet: 1️⃣6️⃣0️⃣
⚡6,000 – 7,000 rentable square feet: 1️⃣6️⃣7️⃣

While these availabilities may seem substantial, they don’t fully capture the level of activity or pending deals in the market, further reducing supply.

Moreover, it’s essential to consider the average asking rent for units in this range, which stands at $82.50 per square foot. This underscores the competitiveness of the market.

Despite prevailing perceptions, small tenants may find it challenging to secure their desired space due to intense competition. Therefore, it’s crucial for businesses to approach their search with realistic expectations and a thorough understanding of the current market dynamics.

If you are looking for a small office space in Midtown, reach out to us.  We are the most plugged-in group and often know about off-market yet available options.  Click here to tell us more about your requirements.