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Manhattan’s office market saw a record 313 leases in 2025 starting at $100 per square foot, up from 85 in 2024. The total volume of these high-end deals reached nearly 9.9 million square feet, slightly above the previous year.
Some top-tier leases now approach $250 per square foot, highlighting strong demand for prime office space despite limited availability, according to the New York Post.
Scarcity Drives Prices Higher
The rise in rents reflects shrinking supply. Manhattan’s overall office availability dropped from nearly 20% in 2024 to 13.2% in 2025, with even tighter conditions along Park Avenue, Hudson Yards, and near the World Trade Center. High-floor views and premium locations are driving tenants to pay top dollar.
Tech, Media, and Information Firms Lead Demand
Companies in tech, media, and information dominated high-end transactions, accounting for 31% of top-tier leases. Notable deals included Shopify expanding at 85 Tenth Avenue, Monday.com leasing at 225-233 Park Avenue South, and Bank of India relocating to 425 Park Avenue.
Top-Tier Asking Rents Set New Benchmarks
Asking rents for prime Manhattan offices have surged 15% above the city average of $85 per square foot. Key examples include 500 Park Avenue at $120 per square foot, 75 Rockefeller Plaza at $105–110 per square foot, and select floors of 30 Rockefeller Plaza reaching $135 per square foot. Nine West 57th Street and 375 Park Avenue saw asking rents above $200 per square foot, with some deals reportedly exceeding $250 per square foot.
Outlook: Growth With Caution
Analysts predict rents for top-tier space could continue rising in 2026, but warn about potential pushback from tenants as prices reach historic highs. As new construction enters the market, the key question will be whether companies can sustain these premium costs or begin seeking alternatives outside Manhattan’s most expensive corridors.
