{"id":48366,"date":"2026-07-28T07:17:05","date_gmt":"2026-07-28T04:17:05","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=48366"},"modified":"2026-07-30T19:09:23","modified_gmt":"2026-07-30T16:09:23","slug":"nyc-office-market-report-q2-2026","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2026\/07\/28\/nyc-office-market-report-q2-2026\/","title":{"rendered":"Brooklyn Emerges as NYC&#8217;s Coworking Growth Engine, Manhattan Rents Cross $100 in the Plaza District\u00a0"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\">Key Takeaways:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Brooklyn\u2019s coworking inventory grew 6.2% Q-o-Q to 2.1 million square feet, adding a net 122,600 square feet even as Manhattan shed 200,800<\/li>\n\n\n\n<li>Several submarkets with low coworking inventory saw growth in Q2, led by the Bay Ridge-Sunset Park area which expanded its footprint by 74% in a single quarter<\/li>\n\n\n\n<li>Manhattan asking rents rose 3.2% Q-o-Q to just above $72 per square foot, ahead of the 2.7% national average rent growth<\/li>\n\n\n\n<li>The Plaza District broke $100 per sq. ft. in asking rents, reaching $107.46 to hold on to the title of NYC\u2019s most expensive submarket<\/li>\n\n\n\n<li>Brooklyn asking rents jumped 6.9% Q-o-Q to $39.46 per square foot, the sharpest borough-level gain in NYC<\/li>\n<\/ul>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>In Q2 of 2026, Manhattan vacancies held steady at 13.1% while Brooklyn asking rents accelerated than its neighbor Manhattan and the national market. Meanwhile, the coworking market underwent borough-level changes, with Brooklyn expanding as Manhattan pulled back. These metrics, captured in <a href=\"https:\/\/hubblehq.com\/blog\/new-york-office-report\" target=\"_blank\" rel=\"noreferrer noopener\">Hubble\u2019s Q2 2026 NYC office report<\/a> covering both shared and traditional office space, point to a NYC office market rebalancing both against the national trend and internally between its boroughs.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-office-space-vacancies\"><span class=\"ez-toc-section\" id=\"Office_Space_Vacancies\"><\/span>Office Space Vacancies<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-vacancy-holds-at-13-1-preserves-450-bps-gap-with-the-national-market\"><span class=\"ez-toc-section\" id=\"Manhattan_Vacancy_Holds_at_131_Preserves_450-Bps_Gap_with_the_National_Market\"><\/span>Manhattan Vacancy Holds at 13.1%, Preserves 450-Bps\u00a0Gap with the National Market\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Manhattan\u2019s vacancy rate held at 13.1% at the end of June, unchanged from March and preserving a gap of approximately 450 basis points (bps) below the national benchmark. The national rate was also largely unchanged quarter-over-quarter (Q-o-Q), meaning the Manhattan-U.S. gap maintained its size between March and June. <a href=\"https:\/\/hubblehq.com\/en-us\/office-space-new-york-city\/queens\" target=\"_blank\" rel=\"noreferrer noopener\">Queens office spaces<\/a> posted the sharpest borough-level improvement, with vacancy falling 170 bps to 22.8%, while Brooklyn\u2019s vacancy edged up to 14.6% \u2014 150 bps above Manhattan.<\/p>\n\n\n\n<p>With office occupancy figures also remaining mostly level throughout 2026, the next question is whether Q2\u2019s flat vacancy rates are temporary or a first indication of the current occupancy equilibrium.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"min-height:367px\" id=\"datawrapper-vis-WYPE6\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/WYPE6\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-WYPE6\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/WYPE6\/full.png\" alt=\" Line chart of vacancy rates in Manhattan and Brooklyn compared to the national average through Q2 2026. Manhattan's rate held steady at 13.1%, roughly 4.5 percentage points below the U.S. benchmark.\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-office-space-asking-rents\"><span class=\"ez-toc-section\" id=\"Office_Space_Asking_Rents\"><\/span>Office Space Asking Rents<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-traditional-asking-rents-climb-3-2-in-manhattan-as-plaza-district-crosses-100-per-sq-ft\"><span class=\"ez-toc-section\" id=\"Traditional_Asking_Rents_Climb_32_in_Manhattan_as_Plaza_District_Crosses_100_per_Sq_Ft\"><\/span>Traditional Asking Rents Climb 3.2% in Manhattan as Plaza District Crosses $100 per Sq. Ft.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While the national average asking rent increased 2.7% in Q2 to $33.67 per square foot, Manhattan asking rents\u00a0rose\u00a0a sharper 3.2% Q-o-Q to just above $72 per square foot. Brooklyn recorded an even steeper 6.9% gain over the same period, reaching $39.46, while\u00a0Queens\u00a0offices\u00a0climbed 4.6% Q-o-Q to $41.52\u00a0and the Bronx dipped 0.4% Q-o-Q to remain below the national baseline.\u00a0<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"min-height:458px\" id=\"datawrapper-vis-VC9dW\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/VC9dW\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-VC9dW\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/VC9dW\/full.png\" alt=\" Column chart of NYC's most and least expensive submarkets for traditional office leases in Q2 2026. The Plaza District crossed $100 per square foot, while Williamsburg-Greenpoint was the most affordable at $26.29.\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>The Plaza District extended its lead as NYC\u2019s most expensive submarket, with asking rents reaching $107.46 per square foot, making it the only submarket to cross the $100 threshold in Q2. Chelsea followed at $94.16 per square foot, then SoHo at $88.41per square foot. The Harlem-North Manhattan area led Upper Manhattan at $50.73 per square foot. Outside Manhattan, Brooklyn Heights held its borough lead at $56.31 per square foot, remaining flat quarter-over-quarter, while Queens\u2019 Jackson Heights-Elmhurst area posted the next highest figure outside Manhattan at $50 per square foot.<\/p>\n\n\n\n<p>At the other end of the range, Williamsburg-Greenpoint was the city\u2019s most affordable submarket at $26.29 per square foot, followed by the South Bronx ($27.20) and the Fordham Corridor ($29).<\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-coworking-amp-flex-inventory\">Coworking & Flex Inventory<\/h5>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-city-wide-coworking-dips-to-15-2m-sq-ft-brooklyn-partly-absorbs-manhattan-s-q2-contraction\">City-Wide Coworking Dips to 15.2M Sq. Ft., Brooklyn Partly Absorbs Manhattan\u2019s Q2 Contraction<\/h2>\n\n\n\n<p>NYC\u2019s coworking and flex office inventory contracted slightly to 15.2 million square feet at the end of Q2, down from 15.3 million at the end of Q1. Manhattan alone shed 200,800 square feet \u2014 roughly 1.6% of its inventory \u2014 as several coworking, creative office and shared lab locations closed or scaled down. The decrease is smaller than the 328,000 square feet Manhattan added in Q1 and likely reflects a temporary consolidation rather than a structural pullback.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"min-height:801px\" id=\"datawrapper-vis-J59nh\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/J59nh\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-J59nh\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/J59nh\/full.png\" alt=\"Symbol map of coworking inventory across NYC's boroughs and submarkets in Q2 2026. Brooklyn expanded 6.2% while Manhattan contracted, with Bay Ridge-Sunset Park recording the largest single-submarket gain.\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Nonetheless, individual Manhattan submarkets still posted gains. Gramercy Park added another 27,800 square feet on top of its Q1 gains and Greenwich Village grew by nearly 62,000 square feet to reach a total of 329,800 square feet. Still, those additions were outweighed by contractions in Midtown and Lower Manhattan: The World Trade Center submarket lost 61,900 square feet, United Nations-Turtle Bay 64,500 square feet and Times Square-Hell\u2019s Kitchen 73,900 square feet.<\/p>\n\n\n\n<p>Brooklyn expanded 6.2% Q-o-Q to reach 2.1 million square feet, adding 122,600 square feet and nearly offsetting Manhattan\u2019s decline. Coworking now accounts for 4.7% of Brooklyn\u2019s total office inventory (up 30 bps compared to Q1), against Manhattan\u2019s 2.5% and a national benchmark of 2.3%.  <\/p>\n\n\n\n<p>The Bay Ridge-Sunset Park submarket led the borough\u2019s expansion, adding 77,800 square feet to grow its inventory by 74% to 183,000 square feet. Central and South Brooklyn added 31,600 square feet, followed by Bushwick-Bedford-Stuyvesant with 30,600 square feet and Williamsburg-Greenpoint with 18,000 square feet. Queens, meanwhile, added 6,200 square feet, while the Bronx remained unchanged.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"min-height:829px\" id=\"datawrapper-vis-DIHCb\"><script type=\"text\/javascript\" defer src=\"https:\/\/datawrapper.dwcdn.net\/DIHCb\/embed.js\" charset=\"utf-8\" data-target=\"#datawrapper-vis-DIHCb\"><\/script><noscript><img decoding=\"async\" src=\"https:\/\/datawrapper.dwcdn.net\/DIHCb\/full.png\" alt=\" Table of coworking inventory as a share of total office space across NYC's largest submarkets in Q2 2026. Brooklyn reached 4.7% versus Manhattan's 2.5% and a 2.3% national benchmark.\" \/><\/noscript><\/div>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Manhattan per-desk pricing rebounded 4.6% Q-o-Q to $821, with Lower Manhattan extending its lead as the priciest area at $947 per desk. Brooklyn per-desk pricing was almost flat quarter-over-quarter at $720. Across all office sizes, Brooklyn remained more affordable, coming in 20% below the Manhattan average for one- to five-desk offices and 31% cheaper in the 11-to-20-desks category.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-looking-ahead\"><span class=\"ez-toc-section\" id=\"Looking_Ahead\"><\/span>Looking Ahead<span class=\"ez-toc-section-end\"><\/span><\/h5>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-two-track-rebalancing-sharpens-as-brooklyn-absorbs-coworking-demand\"><span class=\"ez-toc-section\" id=\"Two-Track_Rebalancing_Sharpens_as_Brooklyn_Absorbs_Coworking_Demand\"><\/span>Two-Track Rebalancing Sharpens as Brooklyn Absorbs Coworking Demand<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Q2\u2019s numbers highlight the two office shaping the <a href=\"https:\/\/hubblehq.com\/en-us\/office-space-new-york-city\" target=\"_blank\" rel=\"noreferrer noopener\">New York office market<\/a>: Traditional leases are still tightening in Manhattan\u2019s premium submarkets, but the coworking growth engine continues to favor undersupplied areas.<\/p>\n\n\n\n<p>Whether Manhattan\u2019s Q2 coworking contraction proves to be a one-quarter correction or the start of a longer geographic redistribution will depend on how Q3 leasing activity absorbs the vacated Midtown and Lower Manhattan office inventory. Tenant appetite for hub-and-spoke offices remains strong, but sustained demand will likely be a prerequisite before operators commit to more locations outside the Manhattan core.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-about-the-data\"><span class=\"ez-toc-section\" id=\"About_the_data\"><\/span>About the data<span class=\"ez-toc-section-end\"><\/span><\/h4>\n\n\n\n<p>This analysis draws on the Q1 2026 NYC office report from <a href=\"https:\/\/hubblehq.com\/en-us\/office-space-new-york-city\" target=\"_blank\" rel=\"noreferrer noopener\">Hubble<\/a>, the largest flex office space platform in the United Kingdom that recently launched in the U.S. Hubble has been part of the Yardi family of brands since 2025.<\/p>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h5 class=\"wp-block-heading\" id=\"h-methodology-nbsp\">Methodology\u00a0<\/h5>\n\n\n\n<p><\/p>\n\n\n\n<p>Hubble\u2019s quarterly report covers coworking inventory, shared office\u202fpricing\u202fand traditional office indicators across the New York City market.\u202f\u202f\u00a0<\/p>\n\n\n\n<p>Shared space inventory,\u202fasking\u202frents and vacancy data were sourced from Yardi Research. Private office desk pricing was sourced from Hubble listing data.\u202f\u00a0<\/p>\n\n\n\n<p><strong>Coworking (or flexible) space inventory<\/strong>\u202frefers to office inventory\u202foperated\u202fby coworking, serviced office and managed office providers. Quarter-over-quarter (Q-o-Q) changes in coworking inventory were reported in both absolute and percentage terms. The ratio of coworking space out of total inventory is calculated as coworking space inventory divided by total office inventory.\u202f\u00a0<\/p>\n\n\n\n<p><strong>Average desk prices<\/strong>\u202frepresent\u202fthe average monthly listing price for a private office desk based on active Hubble listings during the reporting period.\u202f\u00a0<\/p>\n\n\n\n<p>To ensure statistical reliability, headline\u202f<strong>Desk Price<\/strong>\u202ffigures are reported only for boroughs with at least 10 listings with pricing\u202fincluded\u202fand borough divisions with at least 5 listings with pricing included.\u202f<strong>Desk Price by Office Size<\/strong>\u202fsegments average monthly desk pricing by the size of the private office using a lower threshold of at least 5 listings with pricing per borough and at least 3 listings with pricing per subdivision. Boroughs and subdivisions that fall below these thresholds are omitted from the corresponding tables.\u202f\u00a0<\/p>\n\n\n\n<p><strong>Asking Rent<\/strong>\u202frefers to the average full-service (or \u201cfull-service equivalent\u201d)\u202fasking\u202frent per square foot per year for traditional office space that was available as of the report period.\u202f\u00a0<\/p>\n\n\n\n<p><strong>Vacancy rates<\/strong>\u202fdo not include owner-occupied properties.\u202f\u00a0<\/p>\n\n\n\n<p>Reporting periods are defined as follows:\u202f\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Q1 2026 \u2014 Data as of the end of March 2026.\u202f<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Q2 2026 \u2014 Data as of the end of June 2026.<\/li>\n<\/ul>\n\n\n\n<div style=\"height:6px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-fair-use-amp-redistribution-nbsp\">Fair Use & Redistribution\u00a0<\/h4>\n\n\n\n<p>We encourage and freely grant permission to reuse and repost information, analysis, charts, tables and images included on this page. When doing so, we o<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York City&#8217;s office market continued to lead the U.S. in Q2, but internal shifts were most visible in the flex office market. Brooklyn\u2019s coworking inventory grew 6.2% Q-o-Q even as Manhattan\u2019s supply retreated. At the same time, Brooklyn&#8217;s asking rents for traditional office leases climbed more than twice as fast as the national average. <\/p>\n","protected":false},"author":71,"featured_media":48367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11119,376,328],"tags":[11183],"class_list":["post-48366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate","category-new-york-commercial-real-estate","category-new-york-real-estate","tag-market-study"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q2 NYC Office Market Report: Brooklyn Emerges as NYC&#039;s Coworking Growth Engine<\/title>\n<meta name=\"description\" content=\"New York City&#039;s office market kept its lead over the U.S. in Q2, with Brooklyn\u2019s coworking inventory growing 6.2% quarter-over-quarter\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2026\/07\/28\/nyc-office-market-report-q2-2026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brooklyn Emerges as NYC&#039;s Coworking Growth Engine, Manhattan Rents Cross $100 in the Plaza District\u00a0\" \/>\n<meta property=\"og:description\" content=\"New York City&#039;s office market kept its lead over the U.S. in Q2, with Brooklyn\u2019s coworking inventory growing 6.2% quarter-over-quarter\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2026\/07\/28\/nyc-office-market-report-q2-2026\/\" \/>\n<meta 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