Crexi connects commercial real estate professionals in New York City and the broader Tri-State Area with the tools they need to transact and thrive. Buyers, tenants, and investors nationwide are steadily returning to the capital-intensive New York City market, excited by the plentiful growth potential.
Crexi offers these parties a high-powered focus on the market and a thriving marketplace of available New York City commercial properties. Brokers, too, use Crexi’s powerful marketing tools and listing/lead management platform to connect with buyers and tenants throughout NYC commercial real estate and beyond.
Today, Crexi has simplified and supported CRE transactions worth over $540 billion in property transactions and marketed assets valued at over $5 trillion total.
Crexi is proud to serve New York City, Brooklyn, Manhattan, Staten Island, Queens, the Bronx, and the nearby counties as the nation’s fastest-growing online commercial real estate platform.
New York City Commercial Real Estate
New York City, often referred to as “the Big Apple” by locals, is a bustling metropolis as diverse as it is vibrant. Known for its iconic skyline, Manhattan is a global hub of culture, commerce, and creativity. From Wall Street’s high-powered boardrooms to Broadway’s neon lights, the City offers a unique blend of opportunities and experiences that attract people from all walks of life.
Living in NYC is like being at the heart of the world. The city is home to many cultures, cuisines, and communities, offering its residents a rich tapestry of experiences. Whether you’re an artist drawn to the galleries of Chelsea, a foodie exploring the culinary delights of Queens, or an entrepreneur seeking opportunities in the tech startups of Brooklyn, the Big Apple has something for everyone.
Doing business in the city is equally attractive. With its strategic location, robust infrastructure, and access to a diverse and talented workforce, New York City provides a thriving environment for businesses. The city is home to various industries, including finance, media, fashion, and technology, making it a dynamic and exciting workplace.
New York City Regional Breakdown
The steady population growth in the New York City metro area presents many opportunities for businesses and investors. This demographic trend translates into a more extensive consumer base, increased demand for goods and services, and an expanding workforce, which can drive economic growth and investment potential.
- NYC is home to more than 8.3 million in the metropolitan area.
- Population has grown by about 2% (160,764 residents) since 2010.
- By 2040, New York City is projected to be home to over 9 million.
- Most populous neighborhoods include Midtown, Lower Manhattan, Harlem, Upper East Side, and Upper West Side.
- The median age is 38.4, a little less than the figure in the state.
- Per capita income is $48,448, and median household income is $74,694, according to the most recent data from Census Reporter.
New York City Job Market
New York City’s economy shows signs of steady recovery, with a significant increase in private-sector jobs noted recently. The pace of job growth has underperformed compared to national averages, indicating potential areas for strategic investment and business opportunities.
- GDP for New York-Newark-Jersey city is nearly $2 trillion, according to the St. Louis Federal Reserve.
- NYC produces more value than the state of Florida and countries like South Korea and Australia.
- Private sector jobs in NYC rose by 114,200 year over year to nearly 4.1 million, based on data from the New York State Department of Labor (DOL).
- The unemployment rate is 4.9% as of August 2023.
- Top employers include IBM, Deloitte, PepsiCo, JPMorgan, Citigroup, ABM Industries, and Verizon.
- Key industry sectors in NYC are technology and media, finance, food and beverage, fashion, life sciences, smart cities, and clean tech.
- Niche.com names Columbia University, Barnard College, and New York University as the top 3 colleges in the New York City area.
- Over 40% hold a bachelor’s degree or higher, a rate slightly higher than the state.
- Transportation infrastructure includes major highways such as I-87 and I-95, extensive subway and bus systems, the bustling Port of New York and New Jersey, and three major airports: JFK, LaGuardia, and Newark.
New York City Industrial Market
Despite a decrease in leasing velocity, the New York City industrial market has demonstrated robustness with falling vacancy rates and stable Class A fundamentals. The market continues to thrive with rising average asking rents across all asset classes and a significant volume of properties either under construction or in the development pipeline.
Despite lower leasing activity compared to previous years, the relative stability of the city’s vacancy rate compared to other regional markets indicates a healthy balance between supply and demand.
Market overview (CBRE Q3 2023)
- Inventory: 159,219,661 SF
- Vacancy rate: 6.5% overall
- Absorption: 486,646 SF (Q3 2023)
- Key leases by tenant: Net Zero 70,200 SF, Interstate Waste and Recycling 68,000 SF, Champion Concrete NY 38,919 SF
- New construction: 5.6 million SF under construction
- Largest submarkets: Brooklyn, Queens, Bronx
Crexi Intelligence
These are the most recent lease and sales trends in the New York City industrial market from Crexi Insights (as of October 2023):
For Lease (active)
- Asking rate/SqFt (median): $30 per year
- Median SqFt/listing: 6,483
- Days on market: 228
- Total listings on Crexi: 744 spaces
For Sale (active)
- Median asking price: $3.65 million
- Price/SqFt: $411
- Asking cap rate: 5.6%
- Days on market: 173
- Total listings on Crexi: 207 listings for a total of 4.48 million SF
Sales Comps (past 12 months)
- Median sold price: $2.23 million
- Sold price/SqFt: $479
- Total sales volume: $2.21 billion
- Sold cap rate: 5.8%
- Median SqFt sold/transaction: 4,896
- Total SqFt sold: 8.65 million
- Days on market (median): 428
Learn more about industrial properties for lease in New York City.
New York City Office Market
The office market in New York City has been experiencing a decrease in availability rates, primarily due to a significant reduction in sublease space.
Despite this year’s leasing activity potentially marking the slowest since 2020, there are notable differences in how large and small-to-midsize occupiers approach the market. The larger occupiers tend to renew their leases, while most smaller ones opt for relocation or expansion.
Market overview (Cushman & Wakefield Q3 2023)
- Inventory: 416,014,260 SF
- Vacancy rate: 22.1%
- Absorption: 1,223,732 SF YTD
- Key leases by tenant: Davis Polk & Wardwell 700,000 SF, Office of Management and Budget 183,255 SF, Tower Research Capital 121,903 SF
- New construction: 6,176,352 under construction
- Largest submarkets: Grand Central, Sixth Avenue/Rock Center, West Side, Times Square South
Crexi Intelligence
Crexi Intelligence delivers the latest data on the office market in New York City. Discover the current lease and sales trends as of October 2023:
For Lease (active)
- Asking rate/SqFt (median): $45 per year
- Median SqFt/listing: 953 SF
- Days on market: 179
- Total listings on Crexi: 6,921 spaces
For Sale (active)
- Median asking price: $2.25 million
- Price/SqFt: $750
- Asking cap rate: 5.2%
- Days on market: 182
- Total listings on Crexi: 374 listings totaling 4.38 million SF
Sales Comps (past 12 months)
- Median sold price: $2.18 million
- Sold price/SqFt: $471
- Total sales volume: $5.33 billion
- Sold cap rate: 5.8%
- Median SqFt sold/transaction: 5,133 SF
- Days on market (median): 347
Learn more about New York City office properties for lease.
New York City Retail Market
The New York City retail market is experiencing a steady decline in available space across most submarkets, with some areas seeing record-low availability since 2013. This trend, coupled with notable long-term deals and high leasing activity, signals confidence in the market despite leasing figures remaining below pre-pandemic levels.
With average asking rents gradually increasing and prime submarkets seeing significant growth, tenants are capitalizing on this pricing correction to expand or establish their presence, creating a robust deal flow in NYC’s retail sector.
Market overview (Cushman & Wakefield Q3 2023)
- Inventory: 1,430,000 SF
- Submarkets with highest vacancy: Herald Square/West 34th Street 40.7%, Fifth Avenue (42nd-40th Streets) 27.8%, Meatpacking 26.0%
- Submarkets with lowest vacancy: Fifth Avenue (East 57th-East 72nd Streets) 10.1%, Third Avenue (East 57th-East 79th Streets) 11.3%, Upper West Side 12.9%
- Key leases by tenant: Dolce & Gabbana 23,340 SF, Lacoste 17,971 SF, Tommy Bahama 17,071 SF, Amish Market 15,000 SF
- Submarkets with highest rents: Fifth Avenue (49th-60th Streets) $2,350/SF, Times Square Bow Tie $1,257/SF, Madison Avenue (East 57th-East 72nd Streets) $773/SF
- Submarkets with lowest rents: Third Avenue (East 57th-East 79th Streets) $215/SF, Lower Manhattan $261/SF, Upper West Side $272/SF
Crexi Intelligence
Here are the most recent lease and sales trends from Crexi Insights (as of October 2023):
For Lease (active)
- Asking rate/SqFt (median): $60 per year
- Median SqFt/listing: 1,902 SF
- Days on market: 208
- Total listings on Crexi: 5,061 spaces
For Sale (active)
- Median asking price: $2.69 million
- Price/SqFt: $587
- Asking cap rate: 6.0%
- Days on market: 168
- Total listings on Crexi: 534 listings for a total of 4.75 million SF
Sales Comps (past 12 months)
- Median sold price: $1.78 million
- Sold price/SqFt: $516
- Total sales volume: $4.27 billion
- Sold cap rate: 5.8%
- Median SqFt sold/transaction: 3,978 SF
- Days on market (median): 172
Learn more about New York City retail properties for lease.
New York City Multifamily Market
The multifamily market in New York City is witnessing a significant supply-demand imbalance, with falling vacancy rates and continued positive net absorption. The market remains active, with a substantial number of units under construction and being delivered, despite a slight moderation from previous quarters.
Both private and institutional players dominate the sales market, underscoring the enduring appeal of the city’s multifamily sector, which continues to command rents well above the national average.
Market overview (Lee & Associates Q1 2023)
- Total inventory: 1,533,850
- Vacancy rate: 2.9%
- Average monthly rent: $3,003
- Absorption: 22,779 units over the past 12 months
- Under construction: 65,618 units
- Recent sales by property: 125 Greenwich Village $598 million ($2.1 million/unit), 144-74 Northern Boulevard $86.5 million ($839,000/unit), 7 Dekalb Avenue $101 million ($405,000/unit),
Crexi Intelligence
Crexi Insights multifamily market trends for New York City as of October 2023:
For Sale (active)
- Median asking price: $1.91 million
- Price/SqFt: $525
- Price/Unit: $411,000
- Asking cap rate: 5.9%
- Days on market: 169
- Total listings on Crexi: 1,132 listings totaling 8.56 million SF
Sales Comps (past 12 months)
- Median sold price: $814,000
- Sold price/SqFt: $379
- Sold price/unit: $192,000
- Total sales volume: $22.3 billion
- Sold cap rate: 5.4%
- Total SqFt sold: 1.19 billion
- Days on market (median): 193
Learn more about New York City multifamily properties for sale.
