Cogent Realty Advisors Releases Extensive Mid-Year Report on Shifting New York Office Market

Published July 18, 2023

Cogent Realty Advisors' exclusive mid-year market report shows favorable conditions for NYC office tenants, with high vacancy rates and sublease space creating discounts, incentives, and leverage to secure premium spaces at competitive rates.


Cogent Realty Advisors, a leading commercial real estate firm representing office tenants, recently published an exclusive market report examining crucial statistics defining the current state of the New York City office leasing landscape in 2023.

Authored by Mitch Waldman, Director at Cogent Realty Advisors, the in-depth report leverages proprietary data from Costar to provide tenants and businesses with actionable insights to guide their real estate decisions.

The comprehensive report analyzes key metrics across Manhattan including asking rents per square foot, vacancy rates, available square footage, building inventory and more.

It reveals an environment distinctly favorable for tenants, with ample options and negotiating power. Highlights include falling average asking rents ($54.02 weighted across Manhattan), rising vacancy rates (18.2%), all-time high availability, and prevalent concessions like free rent.

With his unique perspective, Waldman identifies and explains major trends benefiting tenants. "The data clearly shows an opportune time for companies to upgrade their office situation by securing Class A space in amenity-rich buildings at very competitive rates and concession packages," he commented. "Landlords are bending over backwards offering incentives to attract and retain tenants."

The post contains specific asking rent averages across prime NYC neighborhoods like Plaza District ($63.67), Columbus Circle ($61.21), Chelsea ($50.27), Soho ($73.69), and more. It also includes insights about specific property owner incentives and concessions beyond lower base rent.

According to Waldman, "Savvy tenants are now getting 'free rent' periods along with cash contributions for office build outs. Landlords manage the construction to deliver custom, move-in ready spaces."

With expert analysis grounded in real-time market data, the report from Cogent Realty Advisors empowers companies to make smart leasing decisions. It provides an inside look at the shifting dynamics favoring office tenants in New York City.

The full article is available at

About Us: Cogent Realty Advisors is a licensed commercial real estate brokerage exclusively representing tenants throughout New York City. As experts in the office leasing market, they provide strategic consulting to optimize budgets, identify ideal spaces and negotiate favorable lease terms.

Contact Info:
Name: Mitch Waldman
Email: Send Email
Organization: Cogent Realty Advisors, Inc.
Address: 260 Madison Ave 8th floor, New York, NY 10016
Phone: (212) 509-4049

Release ID: 89102558

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