New York, NY Market Report

New York's medical office market is showing real resilience — overall vacancy sits at 10.5% with 472,000 square feet of new space delivered, and demand is recovering with positive absorption after several quarters of decline. Single-story medical office vacancy is an exceptionally tight 3.7% compared to 11.9% for multi-story, rents grew 3.6% over the past year, and the construction pipeline is slowing to just 321,000 square feet — a combination that puts well-positioned healthcare practices at a distinct advantage.