How Office Rent per Square Foot Works in NYC
New York office rent is quoted in dollars per rentable square foot per year. Multiply by the space and divide by twelve for the monthly cost: at the current $75 median, a 5,000 sq ft floor runs about $31,250 a month before electricity. Across Nomad's live availability the range is $43 to $200, the spread is building stock and block, not square footage. Two warnings hide in the unit: the feet are rentable, not usable (plan on 15–25% loss factor), and the asking number moves with free rent, improvement allowance and escalations before it becomes what you actually pay.
Updated 2026-09-30 · The unit everything is priced in · Nomad Group
Is rent quoted monthly or yearly?
Yearly, per square foot, in New York, a $60/sq ft space of 3,000 sq ft costs $180,000 a year, $15,000 a month. Some other markets quote monthly, which trips up teams relocating from them.
What costs sit outside the $/sq ft figure?
Electricity (metered or ~$2–4/sq ft/year), cleaning beyond base service, internet, and annual escalations of roughly 2.5–3%. Insurance and furniture are yours. Budget the total, not the headline.
How many square feet per person?
Plan around 175 rentable square feet per person including meeting rooms and common space. Dense engineering rows run leaner; client-facing offices run richer. Hybrid teams land only 10–20% below full-time footprints once collaboration space grows back in.
Matching space available now
- Penn Plaza | current rents $52/sq ft Penn Plaza
- Chelsea | current rents $56/sq ft Chelsea
- NoMad | current rents $62/sq ft NoMad
- FiDi | current rents $71.5/sq ft FiDi
- Flatiron | current rents $72/sq ft Flatiron
- Grand Central | current rents $80.5/sq ft Grand Central
The team
The people you'll actually deal with
Tenant-side brokers, builders and operators, 300+ New York offices delivered between them.
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William Janetschek
Matthew DeRose
Megan Gallagher
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Want these rents for your team size?
Two taps and an email. A broker prices your actual headcount across these submarkets, all-in monthly, not just the headline rent.
- Same daya broker replies personally, no automated triage
- Tenant-onlyNomad never represents the landlord
- Open pricingrent and size published before you talk to anyone
- 300+ officesdelivered across 2M+ sq ft in New York
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