What is the average Class A rent in New York?

Around 102 USD/sqft/yr ($102 USD) across the broader Class A index. Trophy submarkets like Midtown command 20–40% above that.

How many months of rent-free are normal in New York?

14 months on a 10-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in New York?

The New York Class A market is currently rising. Vacancy is 17.4%, which sets the negotiating context.

Headline Class A rent in New York is around 102 USD/sqft/yr ($102 USD), with 14 months of typical rent-free on a 10-year term.

Headline Class A rent: 102 USD/sqft/yr ($102 USD).
Trophy submarket rents (Midtown) push to roughly $128/sqft/yr.
Typical concessions on a 10-year deal: 14 months free rent.
Vacancy stands at 17.4% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

New York Class A office rents and incentives

Headline Class A rent in New York is around 102 USD/sqft/yr ($102 USD), with 14 months of typical rent-free on a 10-year term.

TL;DR

Headline Class A rent: 102 USD/sqft/yr ($102 USD).
Trophy submarket rents (Midtown) push to roughly $128/sqft/yr.
Typical concessions on a 10-year deal: 14 months free rent.
Vacancy stands at 17.4% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in New York are quoted in USD per sqft per year. Across the broad Class A index the figure is 102, but the trophy tier in Midtown reaches roughly $128/sqft/yr. Always discount headline rent by the present value of free rent and fit-out-capex">tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard New York concessions on a 10-year Class A lease run to 14 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — Combined federal + New York State + NYC corporate income tax effectively reaches 27.5% for most C-corps. New York City Commercial Rent Tax (CRT) applies to Manhattan tenants south of 96th Street paying base rents above $250,000.

Where rents land by submarket

Midtown sits at the top end (~$128/sqft/yr). Midtown South clears around $92/sqft/yr as the prime tier. Financial District represents the value end at ~$68/sqft/yr. The full submarket map is on the New York city page.

Key facts

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%
trophyRent	$128/sqft/yr
primeRent	$92/sqft/yr

Frequently asked questions

What is the average Class A rent in New York?: Around 102 USD/sqft/yr ($102 USD) across the broader Class A index. Trophy submarkets like Midtown command 20–40% above that.
How many months of rent-free are normal in New York?: 14 months on a 10-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in New York?: The New York Class A market is currently rising. Vacancy is 17.4%, which sets the negotiating context.

Editorial provenance

Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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