Manhattan has a variety of commercial properties meaning its make up is diverse.
New York City’s Manhattan district has every class of commercial property that can be found in a confined area, allowing for a wide selection of commercial real estate properties which benefit the island.
There are traditionally four types of office classifications which cover the 400 million square feet of office space in Manhattan, giving leasers and lessees an idea of the sort of money expected for a particular piece of commercial property.
These four classification markers differentiate between office buildings, the amenities they offer and the location of the commercial office space in New York City‘s most famous money-making area.
From the top of the listings through to the bottom, there is the trophy property, the class A commercial property, the class B office buildings and finally class C offices.
Trophy buildings as the name would suggest are the stellar commercial real estate properties, set in the heart of Manhattan, offering the best amenities and having big name tenants leasing office space.
Class A buildings are more often than not those which are vintage buildings and have the position to demand above average rents if companies want to take their place on the tenancy roster.
Class B office buildings are normally located in midtown Manhattan and offer average rents, services and amenities in the property. Class C commercial properties are often class B offices which do not have the same level of services.
Trophy buildings make up over 9% of the Manhattan commercial property market, class A buildings make up 53% of the Manhattan commercial office market whilst class B buildings make up 26% of the office market in Manhattan.