# New York office lease norms

> Manhattan leases are predominantly modified-gross structures with operating-expense and real-estate-tax escalations over a base year.

**Canonical URL:** https://classa.info/cities/new-york/leasing-conventions
**Page type:** city-topic
**Last updated:** 2026-04-15T00:00:00.000Z
**License:** CC BY 4.0 with attribution to Class A Atlas (https://classa.info).

## TL;DR
- Typical lease length: 10 years.
- Typical rent-free: 14 months.
- Vacancy: 17.4%; trend rising.
- Manhattan leases are predominantly modified-gross structures with operating-expense and real-estate-tax escalations over a base year.

## Key facts
- **city**: New York
- **country**: United States
- **region**: Americas
- **classARentLocal**: $102/sqft/yr
- **classARentUsd**: $102/sqft/yr
- **vacancy**: 17.4%
- **typicalLeaseYears**: 10
- **typicalRentFreeMonths**: 14
- **submarkets**: 7
- **primeYieldPct**: 5.6%

## FAQ
### What's a typical lease term in New York?
10 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.

### How is rent quoted in New York?
In USD/sqft/year. We also publish a USD-normalised view ($102/sqft/yr) for cross-market comparison.

---
Citation: Source: Class A Atlas (https://classa.info/cities/new-york/leasing-conventions), updated 2026-04-15T00:00:00.000Z.