New York has 7 distinct Class A submarkets we track, anchored by Midtown at the trophy tier.
New York has 7 distinct Class A submarkets we track, anchored by Midtown at the trophy tier.
**Midtown** (trophy, ~$128/sqft/yr) — Park Avenue, Sixth Avenue, the global financial spine. **Hudson Yards** (trophy, ~$130/sqft/yr) — The largest private real-estate development in US history. **Midtown South** (prime, ~$92/sqft/yr) — Tech and creative class HQs north of 14th, south of 34th. **Financial District** (established, ~$68/sqft/yr) — The reborn Downtown — bigger floor plates, lower rent. **SoHo & Tribeca** (prime, ~$95/sqft/yr) — Boutique HQs in the city's most photogenic loft stock. **Chelsea & Meatpacking** (prime, ~$102/sqft/yr) — Tech and media's preferred West Side address. **Plaza District** (trophy, ~$145/sqft/yr) — Highest-density concentration of trophy assets in the city.
| city | New York |
|---|---|
| country | United States |
| region | Americas |
| classARentLocal | 102 USD/sqft/yr |
| classARentUsd | $102/sqft/yr |
| vacancy | 17.4% |
| typicalLeaseYears | 10 |
| typicalRentFreeMonths | 14 |
| submarkets | 7 |
| primeYieldPct | 5.6% |
| trophyCount | 3 |
| primeCount | 3 |
Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.