{
  "url": "https://classa.info/cities/new-york",
  "title": "New York Class A Office Market",
  "description": "The deepest, most contested Class A market on earth.",
  "oneSentenceAnswer": "New York Class A office rents around $102/sqft/yr, with 17.4% vacancy and 14 months of typical rent-free on a 10-year term.",
  "tldr": [
    "Manhattan trophy rents have re-set above $200/sqft/year in select Park Avenue assets while Class B stock trades 50%+ below.",
    "Concessions remain rich: 12-18 months of free rent and $130-$180/sqft of TI on a 10-year deal are standard for trophy floors.",
    "Sublease overhang is concentrated in older product; new construction is effectively sold out before delivery.",
    "ESG-certified buildings now command a measurable rent premium — the so-called 'green premium'.",
    "Lease structure is overwhelmingly modified-gross with operating-expense escalations over a base year."
  ],
  "keyFacts": {
    "city": "New York",
    "country": "United States",
    "region": "Americas",
    "classARentLocal": "$102/sqft/yr",
    "classARentUsd": "$102/sqft/yr",
    "vacancyPct": "17.4%",
    "typicalLeaseYears": 10,
    "typicalRentFreeMonths": 14,
    "submarkets": 7,
    "corporateTaxPct": "27.5%",
    "talentIndex": 100
  },
  "faqs": [
    {
      "question": "What is a typical lease term for Class A office in Manhattan?",
      "answer": "Ten years is the institutional standard. Trophy landlords often push for 12-15 to amortize tenant improvement spend; flexible occupiers can negotiate 5-7 years on smaller floor plates with stronger covenants."
    },
    {
      "question": "How much free rent should a tenant expect on a 10-year Class A deal?",
      "answer": "Twelve to eighteen months of base-rent abatement, structured as months at the front of the term or layered (e.g., months 1-12 free plus months 60-66). Trophy assets in lease-up periods sometimes go higher."
    },
    {
      "question": "Are tenant improvement (TI) allowances negotiable?",
      "answer": "Yes. The market in Q1 2026 supports $130-$180 per square foot of TI on a 10-year Class A deal. Trophy buildings often go higher to attract anchor tenants. TI is amortized into rent if a tenant takes more than the offered allowance."
    },
    {
      "question": "Is the Commercial Rent Tax actually meaningful?",
      "answer": "For tenants south of 96th Street paying base rents over $250,000 annually, CRT is 6% on the rent above the threshold (with credits that effectively reduce the rate to about 3.9%). It is a real, line-item cost — model it explicitly in your occupancy budget."
    },
    {
      "question": "What is the trophy rent premium versus standard Class A?",
      "answer": "Trophy assets command 35-60% above the broader Class A average in Midtown. The premium has widened since 2023 as flight-to-quality has accelerated."
    }
  ],
  "pageType": "city",
  "lastUpdated": "2026-04-15T00:00:00.000Z",
  "license": "CC BY 4.0 with attribution to Class A Atlas (https://classa.info).",
  "citation": "Source: Class A Atlas (https://classa.info/cities/new-york), updated 2026-04-15T00:00:00.000Z."
}