New York, NY office market
Office space in Hudson Yards.
Hudson Yards is the redevelopment of the western Midtown rail yards into ~18 million square feet of new Class A office, retail, and residential. Office buildings include 30 Hudson Yards, 10 Hudson Yards, 50 Hudson Yards, and 55 Hudson Yards. Asking rents run $120–$180/SF for office, the highest non-trophy averages in the country. Anchor tenants include BlackRock, Meta, Wells Fargo, and KKR.
What makes Hudson Yards unique vs. older Midtown stock is the building infrastructure: 60,000+ SF column-free floor plates, 14-foot slab-to-slab heights, dedicated bike rooms, modern HVAC with MERV-15 filtration, and column-free trading floors (a draw for hedge funds and quant shops). For tenants prioritizing tech/data infrastructure, Hudson Yards is structurally ahead of any 1960s-1980s Midtown building.
The submarket includes both Hudson Yards proper (west of Tenth Avenue) and Manhattan West (Brookfield's parallel development between 31st and 33rd). Manhattan West has slightly different leasing dynamics, One Manhattan West, Two Manhattan West, and the Eugene at Five Manhattan West are all newer Class A but with different ownership and rent benchmarks. Brokers bid the two complexes against each other.
Concession packages here are aggressive because the buildings are competing for full-floor anchors at scale. 18–24 months free rent and $200+/SF TI allowances are not unusual on 12–15-year terms. The economics work out because the underlying real estate is amortized over 50+ years; landlords can absorb shorter-term concessions to lock in long credit-tenant cash flows.
Market snapshot
By the numbers
- Inventory
- ~18M SF (including Manhattan West)
- Class A asking rent
- $120–$180/SF
- Trophy floor rent
- $200–$280/SF
- Availability rate
- 12–15%
- Typical free rent
- 18–24 months on 12–15yr lease
- Typical TI allowance
- $180–$250/SF
Deals tracked
-
Avg rent
-/SF
Avg TI
-/SF
Median deal
-K SF
Notable buildings
- 30 Hudson Yards
- 55 Hudson Yards
- One Manhattan West
- The Spiral (66 Hudson)
- 10 Hudson Yards
Broker perspective
Tenant brokers in Hudson Yards should always benchmark against Manhattan West bids. Same-quality space, two-block walk, often $5–$15/SF cheaper. The two complexes are direct substitutes from the broker's POV, and showing the landlord that you have a real Manhattan West proposal is the single fastest way to extract a $15–$25/SF reduction or another 6 months of free rent on the Hudson Yards offer.
Frequently asked
People also ask
Is Hudson Yards worth the premium over Midtown?
Depends on what you value. The building infrastructure is genuinely better (HVAC, floor heights, column spacing, trading-floor capability). The neighborhood amenity stack is light — limited evening foot traffic, fewer restaurants than Midtown East. Best-fit tenants: hedge funds, asset managers, tech, anyone optimizing for build quality over walkability.
Why is Hudson Yards so expensive?
Three reasons: it's almost all newly-built Class A (no older B-grade alternatives in the submarket), construction costs were extreme (3-acre platform over working rail yards), and trophy tenants like BlackRock and Meta locked in early at premium rates that anchor the comp set.
What's the difference between Hudson Yards and Manhattan West?
Hudson Yards is Related's master plan west of Tenth Avenue. Manhattan West is Brookfield's parallel development on the east side of Tenth between 31st and 33rd. Office quality is comparable; Hudson Yards has the High Line and the Vessel; Manhattan West has Moynihan Train Hall. Pricing is within $10/SF of each other on apples-to-apples space.
Can a 5,000 SF tenant lease in Hudson Yards?
Possible but rare. Most Hudson Yards floors are 30,000–70,000 SF; landlords prefer full-floor or half-floor deals. Smaller spaces become available in pre-built suites at 50 Hudson Yards or via sublease. Expect to pay $130–$160/SF on smaller units.
Related submarkets
Midtown Manhattan
Midtown is the largest office submarket in the U.S. by inventory, anchored by Park, Madison, and Sixth Avenues.
Financial District
FiDi (Financial District) is downtown Manhattan below Chambers, with the lowest Class A rents of any major Manhattan submarket and easy access to four major transit hubs.
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